In telecom, for example, we are pressing for further reforms that will promote the development of a vibrant information technology market in Japan and expand the use of the Internet and e-commerce. As a result, Japan has missed out on the benefits that the US has enjoyed from foreign investment, including increased employment, the introduction of new technologies, and the innovation that greater competition inevitably brings. Fortunately, this too is an area where changing attitudes in Japan reinforce our efforts. Japan can make good use of foreign capital and entrepreneurship, and already we are seeing major positive changes, especially in the financial services area. American firms are playing an increasingly significant role in Japan's recovery.
American manufacturers can sell more in Japan if they own and control their distribution systems.
U.S. retailers operating in Japan generate manufacturing jobs in the United States providing the goods they sell in Japan. U.S.-based restaurant chains active in Japan, for example, source many of their products at home, processing them into products ready for final preparation in restaurant kitchens in Osaka and Tokyo. Finally, U.S. financial services firms entering the Japanese market report that they generated hundreds of jobs in the U.S. to support the Japanese market. The end result is more business for US firms, more jobs and better wages for US workers. We have come a long way in our economic relationship over the past 50 years.