The Dollar and the Yen

Yoshikazu Miyazaki

Japanese Economy, 1990, vol. 19, issue 1, 3-30

Abstract: Ezra F. Vogel, a Harvard professor and well known as the author of Japan as Number One, Lessons for America (1979), published an article entitled "Pax Nipponica?" in the spring 1986 issue of Foreign Affairs. He opens this article by noting that future historians may record the mid-1980s as the period in which Japan overtook the United States and became a world-class economic superpower, with the United States becoming the largest net debtor and Japan the largest net creditor in the world by 1986. In fact, the net overseas debt of the United States (as of the end of 1986), published by the U.S. Department of Commerce, reached 263.6 billion dollars, larger than the total net debt of 262.2 billion dollars of the three next largest debtor nations (Brazil, Mexico, and Argentina). At the same time, net foreign assets of Japan (as of the end of 1986), published by the Ministry of Finance, is as large as 180.3 billion dollars. As of the end of 1987, the net foreign debt of the United States reached 368.2 billion dollars, and Japan's net foreign assets reached 240.7 billion dollars.

Date: 1990
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DOI: 10.2753/JES1097-203X19013

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