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Deeping superpower rivalry between the United States and China has created acute strategic dilemmas for secondary powers in the Indo-Pacific such as Australia and Japan. This predicament is exacerbated by their divergent security and economic interests which cut across the superpower divide; a condition dubbed a 'security/economic disconnect'. These two intimately related dynamics preclude clear-cut implementation of conventional balancing/bandwagoning alignment choices and have led to mixed hedging strategies to cope with this situation. To address these issues, the article presents a refinement of the hedging concept in International Relations (IR) that emphasizes its multi-dimensional nature, within a broader interpretation of alignment itself. It applies this to the case of the Australia and Japan with reference to their Strategic Partnership, which is both emblematic of hedging responses to systemic uncertainty, and an institutional mechanism through which to operationalize joint hedging policies. This provides insights into how middle power strategic partnerships are managing strategic risks across the security, economic, and other, domains. [ABSTRACT FROM AUTHOR]