Swimming Against the Tide? The Strategy of European Manufacturing Investors in Japan

Hafiz Mirza, Peter J. Buckley and John R. Sparkes
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Peter J. Buckley: University of Bradford Management Centre

Chapter 8 in Studies in International Business, 1992, pp 131-148 from Palgrave Macmillan

Abstract: Abstract The last two decades have witnessed the internationalisation of the Japanese economy at a spectacular pace (see Table 8.1). In the 1970s, this process was especially evident in the rapid expansion of visible and invisible trade (both exports and imports); but in the 1980s, partly as a consequence of this trading success, the baton has passed to international investors and financial institutions. Table 8.1 shows that long-term capital outflows from Japan (be these direct investment, portfolio investment, or international bank loans) soared over the period between 1980 and 1986. This expansion overseas is increasingly aggressive, e.g. in 1986, Japanese takeovers in the USA exceeded US$2 billion in value,2 and there is no sign of a slowdown. The Export-Import Bank of Japan predicts a further expansion in outward foreign direct investment;3 and the outflow of long-term capital from Japan during 1987 (at US$170 billion) boosted the stock of such foreign assets by 36 per cent (the 1986 stock was US$476 billion).4

Keywords: International Business; Japanese Firm; Outward Foreign Direct Investment; Japanese Economy; Japanese Market (search for similar items in EconPapers)
Date: 1992
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DOI: 10.1007/978-1-349-12174-8_8

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