The Asian Pacific region is highly unstable, but not for the reasons usually assumed. Contrary to the assertions of Realists, who argue multipolarity makes Asia ‘ripe for rivalry’, overwhelming US strategic preponderance should make the balance of power quite stable. Likewise, while much is made by more liberal International Relations theorists of the relative absence of strong international institutions and democracy in Asia, recent trends seem to point in a more positive direction. The real source of instability lies in the beliefs and values held by regional actors. Contested sovereignty on the Korean peninsula and in the Taiwan straits makes military conflict seem a real possibility. Latent isolationism in the US and Japan may lead to a mishandling of a crisis were one to emerge. This Constructivist line of analysis suggests that more attention should be paid to these intangible potential sources of conflict and miscalculation.