William Pesek
TOKYO — As the US-Israeli war on Iran drags on indefinitely, Asia is realizing the extent to which 2026 is a major game-changer for a region that had been “the main driver of global growth.” This is the International Monetary Fund’s characterization. But what a difference two months of hostilities in the Middle East make for Asian economies from Japan to Indonesia.
Since bombs began falling on Tehran on February 28, the resulting surge in the costs of energy and fertilizer — and the coming jump in food prices — has governments scrambling to sandbag their economies. Unfortunately, many are already running out of plays. Typical responses like subsidies, curbing fuel use and asking those who can work from home to do so aren’t doing the trick.
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