Business: Slowing the Juggernaut

The U.S. begins to reduce the chronic trade deficit with Japan

As the sleek white vessel nosed into Tokyo harbor last week, the Japanese markings were clearly visible on the superstructure. The crew of the 13,000-ton vessel was Japanese too, from the ship's captain to the deckhands. But emblazoned on the hull in red, white and blue letters was a most un-Japanese name: Boutique America. Below deck the contrast was even greater. The cargo area was an entire department store of U.S. consumer goods, ranging from golf clubs and fishing gear to pots and pans, jewelry, evening dresses and even slabs of...

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