By 1981, Japan achieved both internal and external equilibrium; exports and imports roughly balanced at sixteen percent …

realignment of world growth rates -- with Japan and Europe growing faster, and the U.S. growing more slowly -- is likely to solve … a percentage point of GDP. Taken together, these results indicate that a realignment of global growth -- with Japan and …

Three large current account imbalances -- one deficit (the United States) and two surpluses (Japan and the Euro area … process that involves real depreciation in its exchange rate. For Japan, a little more than 1 percentage point (of GDP) of the …

in the US post-bubble period. But the US has worse fiscal and current account imbalances than Japan had at the same stage …

Policy discussions in Japan have increasingly recognized the important role of land values and land-use patterns in … Japanese macroeconomic adjustment. In Japan in recent years, land wealth constitutes more than half of financial wealth, a …

region. We find that features of a country associated with more trade with either Japan or the United States also tend to be … associated with more DFI from Japan or the United States. U.S. economic relations with Japan and Western Europe provide an … important exception. Despite U.S. concern about its trade deficit with Japan, we find Japan to be much more open to the United …