Ayear ago, when we surveyed the prospects for 2012, the many political transitions that were scheduled to occur throughout our region loomed large. Every country in Northeast Asia and many of our important partners were holding elections or anticipating leadership transitions.

There was fear that elections would bring in new administrations that would upset the modus vivendi that had emerged.

In fact, there was little actual turnover in those elections. In each of the contests we identified, the incumbent or the candidate closest to the current office holder won.