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Many still believe that conducting political and economic reforms at the same time is not an Asian way. But this is a fairy-tale. We broke that old stereotype by reforming our political, economic and social systems concurrently since 1990.

From another point of view, a new situation now seems to be arising in which Japan's prosperity is going to be incorporated into the expanding potential power of both production and consumption in Asia at large.

Firstly, economic globalisation has brought prosperity and development to many countries, but also financial crises to Asia, Latin America and Russia, and increasing poverty and marginalisation.

The Indian economy grew at 5.5 percent, but if you look at the last 30 years - for example, 1960 to 1985 - the progress made by East Asian countries was phenomenal. In a single generation they had been able to transform the character of their economy. They were able to get rid of chronic poverty.

Historically, there had been many periods of Chinese Renaissance.

The Industrial Revolution was another of those extraordinary jumps forward in the story of civilization.

In this context, the current recovery in the Japanese economy is taking place in tandem with the growing interdependence with the rest of the world, particularly with the other East Asian economies.

Many people in the world believe that in the 21st century, the Asia-Pacific - Asia in particular - will play a more important role in global economy and politics and that Asia will become an important engine for the world economy.

The Industrial Revolution caused a centuries-long shift in power to the West; globalization is now shifting the balance again.

The industrial revolution in the new century is, in essence, a scientific and technological revolution, and breaking through the cutting edge is a shortcut to the building of an economic giant.