Tough Traders

Japan's exports keep booming

Industrialized nations have complained loudly about the damaging effects of the deluge of Japanese exports, but the carping so far has not done much good. Indeed, last week private research institutes in Tokyo predicted that after two years of deficits, Japan will have a substantial surplus in foreign trade and services by the end of the fiscal year.

Though the country has flooded the world with everything from Toyotas to tummy tubes, Japanese dependence on foreign oil has pushed its balance of trade into the red. Japan must import 99.8% of its oil. Yet despite a $54 billion oil...

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