Philippine E-Journals

Japan: Toward an Internationalized Economy

Angelo A. Unite

Discipline: Cultural Studies, Social Studies

 

Abstract:

Since 1969, Japan's balance of payments has been characterized by consistent surpluses in the current account, although the long-term capital account has recorded moderate outflows. In 1986 alone, the Japanese economy registered a huge current account surplus amounting to US$85,845 million (Nippon Business Facts and Figures, 1988). The annual surpluses in recent years have been too large and have been cited as the cause of trade friction between Japan and her trading partners (especially the US and EEC), as well as one of the causes of the imbalance in the world economy. Because of this, Japan's trading partners have clamored for the opening of Japan's restricted market. However, the most recent features of trade friction faced by Japan seem to be more complicated and global in scale.