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Overview
Japan, that special set of islands, has a constant ability to amaze. Time & time again in the past few decades the country, its society, & its economy have appeared to be set on one particular course, or to be headed for an inevitable crisis, or in some important respect to be unchangeable. & yet time & time again Japan has spring a big surprise, astonishing observers, whether Japanese or non Japanese, by its ability suddenly to switch direction. That is exactly what has been happening as Japan has entered the final decade of the 20th century. An outstanding contribution to our understanding of Japan & its present & future role in the world.A cogent analysis of Japan's rise to economic prominence and its perceived threat to American interests.
Synopsis
Japan, that special set of islands, has a constant ability to amaze. Time & time again in the past few decades the country, its society, & its economy have appeared to be set on one particular course, or to be headed for an inevitable crisis, or in some important respect to be unchangeable. & yet time & time again Japan has spring a big surprise, astonishing observers, whether Japanese or non Japanese, by its ability suddenly to switch direction. That is exactly what has been happening as Japan has entered the final decade of the 20th century. An outstanding contribution to our understanding of Japan & its present & future role in the world.
Publishers Weekly
Emmot, former Tokyo correspondent for the why do we ital the here but not, say, The New Yorker?gs/good point. Economist , here offers one of the most sensible books on the Japanese economy to appear in memory. He shows that Japan's economic power derives from an enormous capital surplus amassed through a high savings rate (16% compared to U.S. 3%-5%) and an excess of exports over imports. The surplus has financed Japanese industrial expansion abroad but has driven the Tokyo real estate and stock markets sky high, perhaps dangerously so. These surpluses have peaked and will disappear over the next decade, argues Emmot, because ``Japan is becoming a nation of consumers, of pleasure-seekers, of importers, of investors, and of speculators.'' In the meantime, the fall of the dollar is helping to bring America's trade deficit down. The book provides an antidote to the Japan-bashers. Author tour. (Nov.)