Andrew Capistrano ’s Research

Visiting Research Fellow
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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.
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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

Diplomacy
Donald Trump, ‘The Art of the Deal” and the ‘TACO’ myth

The drama following U.S. President Donald Trump’s “Liberation Day” just over a year ago seemed to confirm a simple theory. On Apri

Visiting Research Fellow

Andrew Capistrano

Diplomacy
Two Narratives on the Chinese Economy

IOG Economic Intelligence Report (Vol. 5 No. 07)

Visiting Research Fellow

Andrew Capistrano

Diplomacy
Views from Tokyo: Geoeconomic Implications of Iran War

Insights into President Trump’s Recent Remarks / Israel’s Ambition and the Resilience of the Iranian Regime / What the Geographica

Director & Group Head, Economic Security

Kazuto Suzuki

Economic Security
Is the Iran Operation Really About China?

IOG Economic Intelligence Report (Vol. 5 No. 05)

Visiting Research Fellow

Andrew Capistrano

Diplomacy
Fed-Treasury Coordination as Economic Security Policy

IOG Economic Intelligence Report (Vol. 5 No. 03)

Visiting Research Fellow

Andrew Capistrano

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