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Domestic Crisis: Motor of Internationalisation

In: Japan and the New World Order

Author

Listed:
  • Rob Steven

    (University of New South Wales)

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).

Suggested Citation

  • Rob Steven, 1996. "Domestic Crisis: Motor of Internationalisation," Palgrave Macmillan Books, in: Japan and the New World Order, chapter 2, pages 41-69, Palgrave Macmillan.
  • Handle: RePEc:pal:palchp:978-1-349-24317-4_2
    DOI: 10.1007/978-1-349-24317-4_2
    as

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