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Foreword Richard R. West;
1. Beyond trade friction: an overview Julianne Nelson;
Part I. Macroeconomic Policy Issues:
2. Japan and the United States: the need to prosper together Alan H. Greenspan;
3. Internationalization and restructuring of the Japanese economy Haruo Mayekawa;
4. The limits of monetary coordination as exchange rate policy William H. Branson;
Part II. Commercial Policy Issues:
5. A giant among Lilliputians: Japan's long-run trade problem Jagdish Bhagwati;
6. What do VERs do? Kala Krishna;
7. Domestic and international mergers: competition or cooperation Ryuzo Sato and Richard Zeckhauser;
Part III. Financial Integration Issues:
8. Competitive performance and strategic positioning in international financial services Ingo Walter;
9. Capital transfers from Japan to the United States: a means of avoiding trade friction Toshio Shishido;
10. The efficiency of U. S. and Japanese stock markets Toshiyuki Otsuki and Noriyoshi Shiraishi; Index.
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