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By Ryuzo Sato, Julianne Nelson

The essays during this quantity offer an summary of the explanations and proposed treatments for the ordinary bouts of alternate friction among Japan and the USA.

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Trading partners is that the very size of the dollar-denominated investment holdings implies that relatively small random changes in the propensity to hold dollar-denominated assets will create flows that swamp shifts in transactions demand. Such shifts obscure pressures on the value of the currency stemming from changes in purchasing power parities. The limited supply of alternative currencies means that any moderate change in the propensity to hold dollars will create a disproportionately large change in demand for yen or deutsche mark securities relative to the available stock of such securities.

As indicated in the Tokyo Summit declaration in 1986, almost all major countries are now facing various structural problems. All means available should be used to cope with the external imbalances of the leading countries of the world. A major part of Japan's external surplus is ascribed to her surplus with the United States. S. balance of payments deficit stems from its trade with Japan. Much attention has already been given to the diagnosis of and prescriptions for, the so-called twin deficits of the United States, so that I need not dwell on them here.

The poll was conducted jointly by the New York Times, CBS News, and the Tokyo Broadcasting System. Calls were made to 1,343 randomly selected telephone numbers in the United States and visits were paid to 1,358 people in Japan randomly chosen by resident card. 2 C. Haberman, "Japanese Favor a Global Role, A Survey Finds," New York Times, May 3, 1986. Additional statistics provided directly by CBS News. 3 M. Tolchin, "'Japan-Bashing' Becomes a Trade Issue," New York Times, February 28, 1988. 4 S.

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