Whether changing the countrys distinctive corporate

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Unformatted text preview: ties about Japanese trade surpluses, the chances of success are virtually nil. Japanese savings will, in consequence, be at least partially bottled up at home, thus almost certainly condemning the country to a lower level of income than the one it could otherwise have achieved. Domestic reforms could improve this picture somewhat. In certain areas, in which government interference dating back to the 1950s is preventing the free play of market forces (such as finance), they are clearly overdue and welcome. Whether changing the country’s distinctive corporate and labourmarket structures, as advocated by some, will be equally beneficial, is much less certain, as was argued in section IV. In any case, there is so far, at least, little evidence suggesting that changes in this area are particularly rapid. The overall outlook for Japan is thus not particularly encouraging. Yet, today’s pessimism may be overdone. This is not the first time over the last half century that the country has found itself facing an uncertain future. In the early 1950s, for instance, Japan hardly exuded confidence. The end of the Korean War had b...
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