South Korea's Roh Looks to China, Not Japan: William Pesek Jr.
Seoul, May 21 (Bloomberg) -- Masajuro Shiokawa found himself in an awkward moment at last weekend's Group of Seven meeting in France.
When it came time for the class photo of finance ministers, Japan's was out of the picture. At the last moment, folks realized Shiokawa was standing behind the others; adjustments were made and he joined his peers.
The scene was an apt metaphor for Japan's standing in the global community. Home to the world's second-biggest economy, Japan is grappling with a seemingly endless malaise. With each passing year, that paralysis nudges Japan a bit further off center stage even in Asia, where it's by far the biggest economy.
That China's boom is stealing Japan's thunder is hardly news. What may be, though, is the extent to which Japan's economy is being relegated to an also-ran not only here but around the globe, too.
The point was driven home in a recent interview with South Korean President Roh Moo Hyun. Asked whether Korea's economic future lies in Japan or China, he left little doubt it was the latter. ``At this point I think Koreans are more interested in Chinese markets, so maybe in the next 10 years our relationship with China will expand more'' than with Japan, Roh said.
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