By Ryuzo Sato, Julianne Nelson

ISBN-10: 0521364671

ISBN-13: 9780521364676

The essays during this quantity supply an summary of the reasons and proposed treatments for the habitual bouts of exchange friction among Japan and the U.S..

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Additional info for Beyond Trade Friction: Japan-US Economic Relations

Sample text

I am pleased to find that the report has been quoted often and that it has raised expectations both at home and abroad. However, it is not a panacea, although I am confident that its various prescriptions can tell us what we should do. 2 The Mayekawa Report focus The Mayekawa Report places considerable emphasis on expanding domestic demand. The report takes the view that the disparity between external and domestic demand, the export/import structure, and the previously Internationalization of the Japanese economy 33 weak yen account for Japan's substantial external surplus.

10 S. Chira, "Bitter Trade Battle Tests Japan's New Leader," New York Times, December 8, 1987. 11 A. Murray, "Aided by Weak Dollar, Factor Output Leads Economy Once Again," Wall Street Journal, January 26, 1988. 12 As quoted by L. , in "Why Economic Coordination Won't Work," Wall Street Journal, February 24, 1988, a review of International Monetary Cooperation, a festschrift published by Princeton's International Finance Section to honor Henry Wallich. 13 The groups included processed milk and cream, canned pineapple and noncitrus fruit juices, processed cheese, lactose, dairy preparations, sugared food preparations, processed beef, and tomato juice, tomato sauce, and ketchup.

In the opinion of many economists, it would be counterproductive to rely solely on exchange rate changes to correct the external imbalance. During the course of the appreciation of the yen since the Plaza Agreement in 1985, the Japanese people have come to realize that industrial restructuring requires urgent attention in order to adjust the external imbalance. Even stubborn nationalists accept this argument. No one can deny that the exchange rate should play an important role in the process of adjustment.

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Beyond Trade Friction: Japan-US Economic Relations by Ryuzo Sato, Julianne Nelson


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