Beijing overreacted two years ago when Tokyo put a Chinese fish-boat captain on trial for an incursion into disputed waters, and the result was a damaging disruption to trade. This time, things are different. Japan enjoys little international support for its “nationalization” of the Senkaku Islands, its ally the US is staying as far as possible from the issue, and Beijing is keeping anti-Japanese street protests under control (sort of). All things considered, the PRC has a pretty strong hand, played with cool calculation. – Peter Lee (Sep 28, ’12)

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