Foreign Direct Investment in Japan

Overview

Foreign Direct Investment in Japan is the first serious and comprehensive examination of why the direct participation of foreign firms in the economy of Japan is lower than in any other advanced industrial nation. An internationally acclaimed group of scholars and practitioners addresses this problem and considers what policy actions, if any, the Japanese government can take to increase direct investment. Foreign exchange controls banned direct investment into Japan until the late 1970s and this is still ...
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Overview

Foreign Direct Investment in Japan is the first serious and comprehensive examination of why the direct participation of foreign firms in the economy of Japan is lower than in any other advanced industrial nation. An internationally acclaimed group of scholars and practitioners addresses this problem and considers what policy actions, if any, the Japanese government can take to increase direct investment. Foreign exchange controls banned direct investment into Japan until the late 1970s and this is still partially responsible for the low penetration of foreign firms. A fundamental question addressed by the book is whether or not ownership advantages in technology and management know-how possessed by foreign firms are strong enough to overcome the extra costs of doing business in Japan. Such extra costs or locational disadvantages include very high land and labour costs as well as business practices unique to Japan, characterized by the long-term customized transaction relationship among assemblers, component suppliers, distributors and financial institutions and the long-time employment system. Although the Government of Japan desires to invite more foreign firms, this book demonstrates that there are many areas where direct investment has been adversely affected by internal regulation. Foreign Direct Investment in Japan explores this participation of foreign firms in this economy from the perspectives of economic theory, history, and the practical experiences of non-Japanese firms that have attempted to do business directly in Japan.
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Editorial Reviews

Booknews
Investment scholars and practitioners query why direct participation of foreign firms in the Japanese economy is lower than in any other industrialized country, and what if any policy steps the Japanese government could take to increase it. They consider the lingering impact of the ban on the practice until the middle 1970s, the high costs of doing business in Japan such as very expensive land and labor, and traditional business practices including long-term transaction relationships with suppliers and customers and the long-term employment system. The seven studies were presented at an October 1994 conference in Philadelphia. Annotation c. by Book News, Inc., Portland, Or.
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Product Details

Table of Contents

List of figures
List of tables
List of contributors
Preface
Introduction
1 The Japanese economy: why perceived weaknesses in its recovery should not be overemphasized 3
2 Explaining foreign direct investment in Japan: some theoretical insights 8
3 What can the theory of foreign direct investment tell us about the low level of foreign firm participation in the economy of Japan? 64
Commentary 94
Commentary 103
4 Why foreign firms' entry has been low in Japan: an empirical examination 111
5 Structural impediments to investment in Japan: what have we learned over the last 450 years? 136
Commentary 173
Commentary 188
6 The future of foreign direct investment in Japan 195
7 What are the actual experiences of foreign multinationals in Japan?: The European point of view 202
Commentary 211
Commentary 215
Conclusions: behind the low level of foreign direct investment in Japan 219
Index 225
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