Maybe Japan is only the second Economical power in name but not
in reality. it depend on how you consider it
recently, I read a ppp-GDP rank of 2005 in CIA website
http://www.cia.gov/cia/publications/factbook/rankorder/2001rank.html
Rank Country GDP (purchasing power parity) Date of Information
1 World $ 59,590,000,000,000 2005 est.
2 United States $ 12,410,000,000,000 2005 est.
3 European Union $ 12,180,000,000,000 2005 est.
4 China $ 8,182,000,000,000 2005 est.
5 Japan $ 3,914,000,000,000 2005 est.
6 India $ 3,699,000,000,000 2005 est.
7 Germany $ 2,454,000,000,000 2005 est.
8 United Kingdom $ 1,869,000,000,000 2005 est.
9 France $ 1,822,000,000,000 2005 est.
10 Italy $ 1,651,000,000,000 2005 est.
.................
Now China exceeds Japan and becomes the third largest trader in
the world and China's foreign exchange reserve also exceeds Japan
and becomes the largest holder of USD by the end of last year.
I believe sooner or later Japan will pay for "their arrogance, and
superior feeling in Asia".
If China agree to appreciate its currency according to the request
of USA and EU, even the GDP at official exchange rate will not
lose to Japan.