Investors in emerging Asia may be forgiven for looking ahead with a little trepidation. The twin engines of the region’s growth in recent years – cheap money supplied by the US Federal Reserve and China’s soaring demand – are beginning to sputter. The risks that tapering entails were already put on powerful display in mid 2013. On the Mainland, structural reforms, while urgently required, will curb any potential rebound. Plenty to keep markets occupied.

But there is a third force worth watching, and one that will exert greater influence over the region in 2014 than it has for many years: Japan. The country will both lend support to emerging Asia and pose challenges. It’s an investor and competitor, a giant market and source of liquidity; Japan’s companies are among the biggest in the region, their clout in many industries immense. As the country awakes from its slumber, the region will increasingly feel the effects.

Start with finance. In 2013, the Bank of Japan unveiled the biggest monetary stimulus in its history: a doubling of the monetary base in two years. When the policy was announced, hopes were high for vast capital outflows and booming markets regionally. Alas, what followed was just a trickle, leaving the region exposed to threats of tapering by the Federal Reserve half way around the world.