Abstract
While the Japanese government made the decision to internationalize the domestic economy through the gradual implementation of the Maekawa Commission’s recommendations as well as other policy options, a number of economic trends and changes were already underway. Some of these were unleashed on a short notice by the sharp appreciation of the yen during 1985–1986. Others were introduced earlier by the government, and others still were subtly initiated by fundamental socioeconomic forces which were shaped by the Japanese political, social, and cultural environment, but which by and large are common to highly developed nations.
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Notes
Kenichi Ohmae, Triad Power: The Coming Shape of Global Competition (New York: Free Press, 1985); also Michael E. Porter, ed., Competition in Global Industries ( Boston: Harvard Business School Press, 1986 ).
MOF officials estimated that each Y 1 trillion ($6.5 billion) increase in domestic demand would generate less than Y 77 billion ($500 million) in additional imports.
The tertiary sector includes the service industries, government, and utilities.
The Japan Economic Journal (November I, 1986), p. 3. The report is the EPA’s annual White Paper on National Life for FY 1986.
The Japan Economic Journal (April 12, 1986), p. 22.
Can Japan Go Direct?“ Tokyo Business Today (October 1986), p. 28.
The Japan Economic Journal (June 7, 1986), p. 2.
The Japan Economic Journal (October 18, 1986), p. 28.
Reported by the Research Institute for Labor Administration; The Japan Times (March 7, 1986), p. 2.
Although wage negotiations take place on a company-by-company basis, average figures and projections play a major role in the eventual settlements reached.
The Japan Times (July 28, 1986), p. 2; see also, The Japan Economic Journal (November 15, 1986), p. 28.
The Japan Economic Journal (March 22, 1986), p. 20.
Asahi Evening News (July 23, 1986), p. 5.
Economic Survey of Japan (1984–1985) (Tokyo: Economic Planning Agency, 1985), p. 177.
White Paper on National Life: FY 1986 (Tokyo: Economic Planning Agency, 1986), and Survey on National Attitudes on Living Standards (Tokyo: Office of the Prime Minister, 1986).
See, for example, “Living Standards: A Self-Admiring Portrait,” The Japan Times (March 18, 1986), p. 14.
As of September 1, 1986, interest rates on time deposits exceeding Y 300 million ($1.9 million) were removed. Interest rates on the deposits of Y I billion ($5 million) or more were first freed in October 1985, and the ceiling was lowered to Y 500 million ($3.1 million) in April 1986. The Japan Economic Journal (September 13, 1986 ), p. 3.
Ibid. Measures implemented on September 1, 1986, expanded issuance of CDs and MMCs to 2.5 times of the bank’s shareholder’s equity from 2.0 times.
The government can restrict foreign investments in areas where foreign ownership over 25 percent could harm national security, public order, or welfare, or adversely affect the national economy.
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© 1987 Springer Science+Business Media New York
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Higashi, C., Lauter, G.P. (1987). Trends and Changes in the Domestic Economy. In: The Internationalization of the Japanese Economy. Springer, Dordrecht. https://doi.org/10.1007/978-94-015-7750-2_5
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DOI: https://doi.org/10.1007/978-94-015-7750-2_5
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