The U.S. economy played the role of absorber in spurring on the development of the Asia-Pacific region. Following this example, Japan should join the United States to become the new absorber. This makes the effect of market creation by tax reduction far less tangible compared to the United States. Becoming an absorber by tax reduction is what the world expects from Japan. In all likelihood, however, a dramatic effect is doubtful.
Japan can also make a substantial contribution toward environmental issues.
Last year, following debate on an increase in Japan's planned investment in social infrastructure, the figure was increased from 430 to 630 trillion yen. This increase of 200 trillion yen might be more wisely spent on the development of energy sources and solutions to environmental problems, leading to the stability of Asia as a whole. The world consumed 67.6 million barrels of oil per day in the year 1990. This astronomical sum is simply not available. Conservation and conversion of energy sources are clearly in need.