Experts Andrew Capistrano
Visiting Research Fellow
Profile
Andrew Capistrano is a geopolitical risk consultant based in Tokyo, and Director of Research at PTB Global Advisors in Washington, DC, where he specializes in industrial policy, international trade and capital flows, and US-China relations. He is also a visiting scholar at the Waseda Institute of Political Economy and a visiting lecturer at the School of Political Science and Economics, Waseda University. Previously, he worked at the US Embassy’s American Center Japan, and as a research associate at the Rebuild Japan Initiative Foundation/Asia-Pacific Initiative.
Dr Capistrano holds a BA from the University of California, Berkeley; an MA in political science (international relations and political economy) from Waseda University; and a PhD in international history from the London School of Economics. His academic work focuses on the diplomatic history of East Asia from the mid-19th to the mid-20th centuries, applying game-theoretic concepts to show how China's economic treaties with the foreign powers created unique bargaining dynamics and cooperation problems. During his doctoral studies he was a research student affiliate at the Suntory and Toyota International Centres for Economics and Related Disciplines (STICERD) in London.
Dr Capistrano holds a BA from the University of California, Berkeley; an MA in political science (international relations and political economy) from Waseda University; and a PhD in international history from the London School of Economics. His academic work focuses on the diplomatic history of East Asia from the mid-19th to the mid-20th centuries, applying game-theoretic concepts to show how China's economic treaties with the foreign powers created unique bargaining dynamics and cooperation problems. During his doctoral studies he was a research student affiliate at the Suntory and Toyota International Centres for Economics and Related Disciplines (STICERD) in London.
Expertise
Diplomatic history / Economic security / Industrial policy / Trade and capital flows / Game theory / International relations theory / International political economy / US-China relations
Publications
- “American Geoeconomics and International Relations in the Trump Era,” in Institute of Geoeconomics, ed., Introduction to Geoeconomics (Asahi Shinsho, 2026).
Research

Economic Security
Sovereign AI After Fugu: From Vertical Dominance to Horizontal Resilience
On 22 June, Tokyo-based Sakana AI launched “Fugu”, a multi-agent orchestration system accessed through a single model API (applica

Visiting Research Fellow
Andrew Capistrano

Economic Security
European Industry and the “Second China Shock”
IOG Economic Intelligence Report (Vol. 5 No. 11)

Visiting Research Fellow
Andrew Capistrano

Economic Security
Between the WTO and Decoupling: US-China Managed Interdependence
IOG Economic Intelligence Report (Vol. 5 No. 09)

Visiting Research Fellow
Andrew Capistrano

Economic Security
Geoeconomic Connectivity Index – user guide
The Geoeconomic Connectivity Index measures the extent to which a country is economically linked and integrated into global market

Visiting Research Fellow
Paul Nadeau

Economic Security
Geoeconomic Connectivity Index
The Geoeconomic Connectivity Index measures the extent to which a country is economically linked and integrated into global market

Visiting Research Fellow
Paul Nadeau


































