During the 1990s, the World Bank introduced adjusted net savings rate (ANSR) as an alternative indicator for measuring the sustainable development of a country, where the national savings rate is adjusted for depreciation in natural resources and environmental assets. A positive ANSR indicates that a country is on a sustainable path. This study proposed some factors that might influence ANSR as the proxy for sustainable development in four ASEAN countries – Indonesia, Malaysia, Philippines, and Thailand – and in Japan. Overall panel data analysis results showed mixed evidence of the relationship between sustainable development (ANSR) and four independent variables – inflation rate (IFR), money supply (M2), non-renewable natural resources extraction (MIN), and population growth (POPG). In ordinary least squares (OLS) estimation, it was found that IFR, M2, and MIN have a significant negative impact on ANSR, but, from generalized least squares (GLS) estimation, the results showed that all of the hypothesized variables have negative significant relationships with ANSR. Our conclusion was drawn from the results of an LSDV model, which best fit the study hypothesis. For deeper insight, future studies should include countries with a more diversified geography and economic and political background.