Japan - finding its new role

I recently came across the homepage of a Tokyo based semi-academic organiziation named The International House of Japan. http://www.i-house.or.jp/en/index.html It's goal is "promoting cultural exchange and intellectual cooperation between the peoples of Japan and those of other countries." They have public lectures on Japanese or Asian issues a few times a month.
I signed up for a lecture on Japanese foreign policy "Japanese Foreign Policy: Balancing off Asia, Europe and the United States", held by a professor of Asian Studies from the University of Berkeley, California, T.J. Pempel. The lecture focussing on Japan defining its new role within the international community due to the rise of its larger neighbour China seemed a highly interesting subject.
The lecture started with a historical backflash to WWII and the Cold War to explain why Japan has had very close connections with the US since and has refrained from building strong economic ties with China (Cold War pressure). So Japan developed a unilateral strong bond with the US while neglecting cooperation with the rest of Asia and Europe.
Today both economic and military connections with the US remain strong. The Bush government has put the emphasis on unilateral relationsships and has therefore continued the existing predominant type of interaction. Should the democratic party win the presidential elections, this would change. Obama's team has already announced that they would focus on multilateral interaction rather, involving various parties in Asia.
With Asia, economic ties have been severed in the more recent past and China has become Japan's major trade partner, replacing the US in that role. Korea has experienced the same shift in Political relations with China and Korea remain somewhat difficult due to what is perceived by both countries as Japan's neglect to deal with the historical legacy, something the country will need to address in order to establish stronger ties with its neighbours. There is a military threat from North Korea and the lecturer suggested a perceived threat by China as well. Ties with Europe remain rather weak, but have had a multilateral nature and are increasing in importance for Japan.
Professor Pempel stated that Japan will remain an important partner for the West in Asia, but will loose the exclusive status of Asia's core economic and democratic center. While Japan is afraid of loosing its dominant role to China, it is likely that Asian-Pacific economic and political institutions will be steered by several different players including India, Australia and Japan. Pempel predicted that a more European-style model of governance would emerge in Asian institutions, with multiple players sharing the lead.