This article argues that the concept of "hedging" should be understood in the context of the "balancing-bandwagoning" spectrum within the "balance of power" theory, in which hedging is located between balancing and bandwagoning as the state's third strategic choice. Although polarity-unipolar, bipolar, and multipolar-largely determines the likelihood of hedging behavior, during a period of power shift, strategic uncertainty emerges. States, particularly secondary powers, attempt to calculate the risk of balancing, bandwagoning, and hedging, adopting an optimal strategy. To identify states' strategic behavior, it is important to first examine their economic and military capabilities, and if these indicators are not decisive enough to identify balancing, bandwagoning, or hedging behavior, diplomatic factors should be taken into account, although those are a relatively weaker indicator. The use of this conceptual framework reveals that Japan's foreign policy behavior has not involved "hedging" vis-a-vis China; instead, Japan's behavior is consistently associated with "balancing" against the risks of China's rise. In addition, while Japan's behavior vis-a-vis the United States is considered to be bandwagoning, Japan made political efforts to strengthen its own military capabilities-internal balancing-which began in the 2010s when Japan relaxed its political constraints on use of its military. This behavior also aimed both to illustrate Japan's efforts related to alliance burden-sharing and to enhance its external balancing with the United States. Yet, the periods from 1997 to 2005 and from 2010 on represent an aberration because Japan engaged one type of hedging-security hedging-vis-a-vis the risk of US commitment reduction to East Asia. In this sense, while concurring with the realists' argument that Japan's current behavior is characterized as balancing, the argument differs from that of realists who believe that Japan's policy shift to balancing toward China only began with China's rise in the late 2000s or 2010s.
