The Amerasia journal was established by editor-in-chief Lowell Chun-Hoon, publisher Don Nakanishi, and members of the Yale University Asian American Students Association.

Chun-Hoon and Nakanishi were both seniors and members of Yale's Class of 1971, and the first issue was released in March of that same year.

According to founding publisher Don T. Nakanishi, the journal "has benefited from and reflected a wide array of profound social changes that have occurred among Asian Americans and Pacific Islanders—be it their unprecedented growth and diversification, or their ever-increasing levels of access, representation, and achievement in American society's institutions and sectors that had long excluded, marginalized, or demonized them.

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