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

In: Studies in International Business

Author

Listed:
  • Hafiz Mirza
  • Peter J. Buckley

    (University of Bradford Management Centre)

  • John R. Sparkes

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

Suggested Citation

  • Hafiz Mirza & Peter J. Buckley & John R. Sparkes, 1992. "Swimming Against the Tide? The Strategy of European Manufacturing Investors in Japan," Palgrave Macmillan Books, in: Studies in International Business, chapter 8, pages 131-148, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-12174-8_8
    DOI: 10.1007/978-1-349-12174-8_8
    as

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