The United States has been an important trade partner of Japan since 1868, when the Meiji rulers opened the country to trade with the West. The proportionate decline of Japan's imports from the United States by no means implies that Japan-United States trade has dwindled. Japan maintained rapid economic growth of around 10 percent annually until the oil crisis in 1973. An examination of the market structure of Japanese foreign trade reveals that the US share has decreased considerably with respect to both imports and exports in the years 1970-1977. In 1977, the United States received 24.5 percent of Japan's total exports, although the Republic of Korea, which is its second largest trading partner, received only 5.1 percent, followed by West Germany with 3.5 percent. Japan will increase investment in Southeast Asia, Latin America, China, and the Soviet Union as well.