China fears India-Japan space alliance

India and Japan's agreement in October to expand cooperation between the Indian Space Research Organization (ISRO) and the Japan Aerospace Exploration Agency (JAXA), in the field of disaster management, has the raised the ire of a China fearful that the US is masterminding a powerful space alliance between its allies in the region.

All of Asia wants to see improved regional disaster management capabilities, but the growing ties between ISRO and JAXA come just as India and Japan are devising an action plan to advance security cooperation.

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Japan Reports Rare Trade Deficit

 Japan, a nation that rode exports to become the world's second-largest economy, posted a highly unusual trade deficit in August.

It was an alarm signal for the country's already shrinking economy and yet another worrisome indicator for troubled global markets. The August figure was Japan's first monthly trade deficit in 26 years, excluding the atypical month of January, when exports here always drop for the holidays.

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Asia: China replaces US as Japan's biggest export market

China has replaced the United States as Japan's biggest export destination, underlining the Olympic host's emergence as a global economic power.

Japan's finance ministry said exports to China outstripped those to the US in July, marking the 38th consecutive increase in exports to its Asian neighbour. It was the first time Japan had sold more goods to China than to any other country since the government started keeping records in 1950. Economists are skeptical that exports to China will continue to drive Japan's faltering economic recovery.

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