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In a parallel universe visited by the Third Doctor, the Asian Co-Prosperity Sphere was a grouping of countries which existed on Earth during the 20th century.
It was led by Japan and was a member of the Conclave, a super cabinet designed to ensure world peace which was composed of the leaders of the five continents on the parallel Earth.
Barbara Wright recalled that, in her universe, Japan had intended to create its own Asian Co-Prosperity Sphere prior to World War II but that these plans never came to fruition. (PROSE: The Face of the Enemy)