ABSTRACT
I INTRODUCTION Today, the Japanese economy faces an important turning point. First, while the Japanese economy had succeeded in the rapid development of heavy and chemical industries by 1965 and had experienced a phenomenal growth of exports up to 1972 or 1973, the question arises as to what direction the structure of industry and trade should be further upgraded and developed from now on? Heretofore the Japanese economy could simply imitate the development pattern of more advanced American and European economies, but from now on it has to create a new course of its own for further development.
