Count the number of Japanese cars and adverts for Japanese brands as you drive into Bangkok from its main airport and it is no surprise to learn that Japan contributes nearly half of Thailand’s foreign direct investment. Japan is one of the biggest investors elsewhere in southeast Asia, too. As the region’s once-roaring markets sputter, a resurgent Japan (should the newly empowered Shinzo Abe successfully reflate his country’s economy as planned) would be an interesting proposition for southeast Asia.

China’s slowdown and the prospect of less easy US money have sent a chill through southeast Asia. Benchmark indices in Jakarta, Bangkok and Manila have lost almost half of the one-fifth gains they had made this year to mid-May.

The real economy is weakening, too. Last week the Bank of Thailand cut its growth forecast below 5 per cent and recent comments from Bank Indonesia suggest it accepts growth will slip below 6 per cent. Hardly a disaster then, but nor is it what these countries or their followers are used to. Enter Japan and, crucially, its direct investment.