Such a miracle recovery will only come after drastic structural reform is undertaken, a process that would undoubtedly take several years. Remember, a restructured Japan is going to be a powerful competitor in all sorts of businesses. If we thought Japan was mighty in the 1980s, the post-Internet version will be incredible. America keeps booming while Japan stays bust for simple structural reasons. American businesses invest wisely while Japanese corporations squander their money.
American markets are open and competitive while Japanese markets are closed and cartelised.
American business faces the discipline of competitors and shareholders while Japanese firms hide from both. The worldwide semiconductor market forecast through 2004 is included, with a regional breakdown of growth rates and market shares. The semiconductor equipment and fab industries are also forecast through 2004. The forecast is supported by a brief analysis of the political and economic landscape in Japan. Government policies pertaining to foreign investment and electronics market opportunities are also highlighted.