For the past 40 years, peace and prosperity have gone hand-in-hand in east Asia. China’s astonishing transformation since 1978 was based on an official policy known as “peaceful rise”. Japan’s earlier economic ascent occurred under a pacifist, postwar constitution.

However, a shadow now hangs over the region. Tensions are rising between China and its neighbours. In recent months, China and Japan have indulged in military shadowboxing over some disputed islands in the East China Sea. Several other Asian nations are also worried that Beijing is taking a tougher line over its territorial claims in disputed maritime waters.

In recent years, east Asians have done well to ensure that difficult political relations do not interfere with flourishing business ties.