port of machinery and manufactured panels into Japan, particularly front the US and the European community, has been on the rise.
With the galloping current account surplus. there is already some talk about the creation of a post of a new minister for economics at the level of Deputy Prime Minister, to deal with the major problems in the trade and economic spheres. Some months back The Economist (October 15, 1983) analysed the positive aspect of Japan's growing current account surplus. Indeed Japan with its geographical restrictions mast seek its prosperity only through a surplus in the manufacturing trade. Pointing to the current deficits in the Japanese capital ac count indicating investment of Japanese savings abroad. The Economist anticipated that Japan should prove to be the best lender in the years to come. It further goes on to add. 'its [Japan's] companies will build and run factories in India and Indiana; its insurance companies will buy more World Rank bonds; its government should expand its aid programmes. None of this will be possible unless Japan has a current- aceouut surplus." As though to validate the prediction of The Economist; a recent report from London .states that Japanese banks in London have overtaken both US and European competitors as the most active banks in the international capital market (japan Times. December 15. 1983).
