Domestic Crisis: Motor of Internationalisation

Rob Steven
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Rob Steven: University of New South Wales

Chapter 2 in Japan and the New World Order, 1996, pp 41-69 from Palgrave Macmillan

Abstract: Abstract It was widely recognised at the time that the massive outpour of Japanese foreign direct investment in the late 1980s resulted directly from the ‘high yen recession’ (endaka fukyō) of 1986–87. The near doubling of the yen’s value in 1986 confronted Japan’s leading export industries with what was in effect a near doubling of their domestic costs. Their three-pronged response comprised an outflow of foreign investment into countries with lower costs or no other way to maintain access to increasingly protected markets, an attempt to restructure into industries which were less dependent on exports, and a widespread domestic cost-down campaign to minimise the need to raise overseas prices (Steven, 1990).

Keywords: Asset Price; Liberal Democratic Party; World Order; Unit Labour Cost; Main Bank (search for similar items in EconPapers)
Date: 1996
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-24317-4_2

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DOI: 10.1007/978-1-349-24317-4_2

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