日本経済の浮沈と東アジアの発展 : 1970年代:国際化の始まりと東アジアの台頭
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概要
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The aim of this paper is to describe the internationalization process of the Japaneseeconomy and the early stage of industrializationin the Southeast Asian economies. Both were observed throughout the 1970s. After having experienced the rapidly growing stage, Japan certainly entered into the new phase in the early part of the 1970s. Due to a fact that the persistently aggravating trade imbalances were no more trivial in the world economic relations,Japan realized severe pressures from abroad. At the same time, many trading partner countries repeated their criticism on the disequilibrium exchange rate of the Japanese yen. Meantime, Japan experienced two shocks appeared in an unanticipated way in the early 1970s, namely the so-called Nixon Shock in 1971 and the first Oil Crisis in 1973. Those events in fact helped initiate various structural changes in the Japanese economy and society. Some of those adjustments were to some extent inevitable, although having been unwelcome, under the circumstance in the international economic relations in the 1970s. The massive scale of the exchange rate adjustments was introduced.Nevertheless Japan chose to maintain the stable economic growth as its best alternative policy option. This in fact led the economy to go internationalizing in more vigorous fashion. Major Japanese corporations considered the Southeast Asian economies as their favored investment destination after the United States. Asian countries at the same time understood the outward strategy, like export promotion policies, more effective to attain the growth momentum. After following the successful cases of the Asian NIEs in the 1960s, various ASEAN nations took a stance to welcome the foreign direct investmentsfrom Japan. It looks that the Asian developmentwere closely correlated with the Japanesestructural changes in the course of the 1970s.This phenomenon is therefore regarded as an early call for more widening and deepening relationshipsbetween Japan and Southeast Asia.Efforts from both sides eventually succeeded to provide much more profound interdependent relationship throughout the entire 1980s.The 1970s served to a certain extent to make aturning point of the internationalization process of Japan.
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