ABSTRACT
Japan is engaged in the development of a variety of microelectronic and other high technologies. The Japanese government has been surprised and overjoyed to receive such a large unexpected windfall that can be directed toward public spending and tax reductions. National research and development projects centering on microelectronics are progressing very well in Japan. The Japanese Ministry of Posts and Telecommunications has been strongly supporting Nippon Telegraph and Telephone Corporation (NTT) project administratively. A portion of the shares was made public in 1986 and in 1987, and the response from investors has been so strong and the potential for NTT growth so great that securities businesses are trading them at 40 to 60 times their par value. With the privatization of NTT, the telecommunications business became open to participation by the private sector and a number of companies entered the market. The quality of nationwide telecommunications services is deemed as being the highest in the world.
