I don't want to be an alarmist or anything...
But I read this article in the Economist today that argued it is only a matter of time until China and Japan exchange shots over some small islands in between the two countries, it could escalate to full scale war, and the United States is treaty bound to come to aid of Japan. On top of that the United States is making diplomatic visits to various countries borderning China in a move that is viewed extremely negatively in Beijing. Plus there are domestic pressures within both China and Japan for war that weak-willed and inexperienced statesmen (both countries have come under new political management within the past few months) may find difficult to resist.
It all rather worryingly resembles the July crisis of 1914. As was the case then, with Serbia igniting a power struggle between Russia and the Autro-Hungarian empire, there is now a dispute between two major powers that appears to have no solution without one side or the other losing face. Domestic pressures are pushing leaders toward military engagement, and historic treaty obligations threaten to drag the rest of the world into the conflict.
Is anyone else worried?