Across Europe, Russia's invasion of Ukraine has spurred a rethink of virtually all dimensions of security, from defence to energy. The war's likely impact on security in East Asia, especially in Taiwan and Japan, has received far less attention. But the coming transformation may turn out to be just as profound.

The Ukraine war, though far away, poses a substantial risk to East Asia. China is watching the conflict - and the West's response - closely. If Russia pays a high price for its actions, with sanctions (which Japan has also imposed) enduring long enough to decimate its economy, China may be discouraged from taking military action against Taiwan, at least until it can ensure that its economy is well protected.