Japan's outflows of foreign direct investment (FDI) have increased dramatically in recent years, to the point where Japan has become the world's largest overseas direct investor. This paper documents the increase in Japanese FDI, as well as its breakdown across industries and countries. Investments in real estate and financial services have grown most rapidly, as has Japanese FDI into North America, which now accounts for fully half of Japan's outflows. The paper then goes on to discuss and evaluate some of the most popular explanations for this explosion in investment: Japanese current account surpluses; actual or anticipated protectionism abroad; appreciated stock prices and value of the yen; and changes in international tax policy.
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number
3737.
Length: Date of creation: Jun 1991 Date of revision: Publication status: published as US-Japan Economic Forum, Feldstein and Kosai, eds., 1991 Handle: RePEc:nbr:nberwo:3737
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