The Japanese Ministry of Foreign Affairs has compiled statistics that demonstrate the deepening interdependence between US and Japanese economies. The statistics can be downloaded from the Embassy’s website (http://www.us.emb-japan.go.jp/english/html/ interdependence.ppt [PPT file]). The following are excerpts from the statistics.
1. Japan: A Top Export Market for the US
Japan is the largest export market outside NAFTA ( Canada and Mexico) for the United States. US exports to Japan in 2004 were valued at $54.4 billon (6.7% share). Moreover, Japan accounts for 10.8% share – the second largest after France – of US aerospace exports and for 14.3% share (the top) of US life science exports as well as the top 14.4% share of US agricultural exports.
2. Japan: A Top Creator of American Jobs Japan is the second largest foreign investor in the US after the UK . Japan’s direct investment in 2004 was valued at $177 billion (11.6% share). Japan, whose companies created 599,000 jobs in 2003, is also the third largest job creator after the UK (996,000) and Germany (674,000).
3. Japan: Financing the US Economic Growth
Japan is the largest US treasury bond holder with its $689.9 billion worth of US treasury bonds in 2004 (36.6% share). Japan’s investment in US treasury bonds has kept American interest rates low, which means more growth, more investment, and more jobs for American workers.
[Related Link]
* Japan-US economic relations
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