Then many Japanese got angry against American policy. I was the one of them. But now I have a different opinion that it is not good for the world that there is a country wins too much. Although white house was selfish but Japanese also should have feel responsible for it. However, we, America and Japan, couldn't eliminate the trade imbalance. I find its roots in American policy. I mention about two of them.
Firstly, American cars were poor-quality. Japanese company were forced to sell American cars by American government. But due to the poor-quality, American cars has vanished from Japanese market soon. There was not possibility that American cars were accepted by Japanese on the homebase of winer in American market. The one of vital factors of car is reliability. As to this, American car industry doesn't has skill to make customer-driven car along with the technology matter. It is extremely difficult to sell un-sellable products in market.
Secondly, the main cause is free-trade policy. Free-trade policy would strengthen America's competitiveness to some extent but it bears losers. Increasing the number of losers was not unsurprising fact. American government should have protect own people with defensive trade policy. People made Japanese cars to be winner were American market and the free-trade policy. Free-trade policy is very risky.
It is said three millions people in manufacturing business lost their job in America since 2000. They are "product" of the competitive principles based on market mechanisms. Democrat Representatives insist to introduce more defensive trade policy. I think it is good policy for America. But I don't agree with China-bashing. If they regard the free-trade policy was the cause, they should bash Bush's head.
It seem they point out problems, which are currency exchange rates and deficit. However, I think they have problems. I can point out five problems.
Firstly, Japan admitted to appreciation of the yen against the dollar, but America couldn't reduce the trade deficit. America is consumption-oriented society. Japan has a high propensity to save. It's no wonder that country tend to spend money run a deficit. I've heard China also has a high propensity to save.
Secondly, Even though Japan one-sidedly sold products in America but China doesn't. 60% of total exports from China is by　foreign capital. American companies enjoy the benefit of trade through outsourcing in exchange for depressed domestic manufacturing. America and China complements each other. From Japanese point of view, America and China seems be collusive. :-)
Thirdly, even if China introduce flexible rate system, American companies would move to another country to keep production costs down. Vietnam is one of the rising stars and America would bash Vietnam in the future. It is vicious circle.
Fourthly, it is said China buys American government bonds equivalent to 400 billion dollars (suppose $1=100yen) every year. China can't sell it to avoid world depression.　America runs the country with the money. Japan also buys it. Suppose those figure are right, total amount is 800 billion dollars. American national budget is 2000 billion dollars. China supports American life even now.
Fifthly, if China accept the call by America, China would grow public anxiety. Then the country loses money is America. Might be, missiles come rushing over to Japan from confused China. East Asia might be descend into chaos. Even though American politicians criticizes China's policy, they may make China's oppressive policy worse.
What for does America spend the money? It would be Iraq war. America has spent 900 billion dollars for the war, and will spend 250 billion dollars for the war this year. The war was wasteful spending but the money would expanded domestic demand. China supports America but the use is no good. The jobless problem is caused by American policy. And the money is basically debt. They should regard　the trade conflict as a matter of twin deficits in budget and trade policy. And Democrat insists it. I think it will work well for America.
China would agree to some extent in near future because China understands economy and politics and wants to avoid politicized external trade friction. But basically the aim of the action by Democrats members would be vote-getting. It is obviosity China would not be a common country. It is too late to criticize China about such a thing. They may instigate people for vote-getting. Not massive protection trade would be OK. But I don't agree with China-bashing. I think if they have such much energy to criticize China, they should revise the flow of money in America. China can't change soon. China's economy is 4 or 5 years old while it is bulky fellow. I suppose he still needs training wheels.
I'm not sure if what I say is right or not. I'll think of it again when I get books.
Well, it is a photo of Kiyomizu-dera temple.
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