Japanese Trade Barriers
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"If the [trade] balance would be in favour of France, it would by no means follow that such a trade would be disadvantageous to England....If the wines of France are better and cheaper than those of Portugal, or its linens than those of Germany, it would be more advantageous for Great Britain to purchase both the wine and the foreign linen which it had occasion for of France, than of Portugal and Germany....Nothing can be more absurd than this doctrine of the balance of trade, upon which almost all [trade barriers]...are founded. " Adam Smith, The Wealth of Nations.
The Japanese economy continues to be characterized by low economic growth, weak demand for imports, and excessive over regulation...