As Japan's irrepressible economy makes its power felt around the world, the U.S. is both cooperating and colliding with it. U.S. industrialists who suffer the sting of foreign competition—in textiles, steel, electronics—view Japan as the chief villain. On the other hand, many businessmen look yearningly toward Japan as an enormous market for American goods. Last week two significant developments took place that will strain relations in one area of business and possibly smooth them in another.
Textiles. Commerce Secretary Maurice Stans reported on his mission to goad Asian trading partners, chiefly Japan,...
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