Abstract
The short-term purpose of trade and capital transaction policies is to maintain the equilibrium of the international balance of payments. The medium- to long-term goal is to protect and nurture domestic industry. For Japan, which is poorly endowed with resources, it was necessary to ensure the effectiveness of domestic economic policies and regulations by separating domestic and foreign markets so as to achieve economic development in an environment characterised by shortages of foreign currency. Yet Japan’s return to the international community naturally implied an obligation to maintain the free-trade system. From 1960 onwards, therefore, Japan’s trade and capital transaction policies were targeted at a phased liberalisation process that took account of trends in the competitiveness of Japanese industry. This shift was spurred in part by external pressure.
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Ifo Institute for Economic Research., Sakura Institute of Research. (1997). Trade and Capital Transaction Policies. In: A Comparative Analysis of Japanese and German Economic Success. Springer, Tokyo. https://doi.org/10.1007/978-4-431-65865-8_10
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DOI: https://doi.org/10.1007/978-4-431-65865-8_10
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