ston, Chicago, Honolulu, Houston, Kansas City
(Missouri), Los Angeles, New Orleans, New York, San Francisco, Seattle,
and Portland (Oregon), and a Consulate in Saipan (Northern Mariana
Islands);

US--Ambassador Michael H. ARMACOST; Embassy at 10-1, Akasaka
1-chome, Minato-ku (107), Tokyo (mailing address is APO San Francisco
96503); telephone [81] (3) 3224-5000; there are US Consulates General
in Naha (Okinawa), Osaka-Kobe, and Sapporo and a Consulate in Fukuoka

_#_Flag: white with a large red disk (representing the sun without
rays) in the center

_*_Economy
_#_Overview: Although Japan has few natural resources, since 1971 it
has become the world's third-largest economy, ranking behind only the
US and the USSR. Government-industry cooperation, a strong work ethic,
and a comparatively small defense allocation have helped Japan advance
rapidly, notably in high-technology fields. Industry, the most important
sector of the economy, is heavily dependent on imported raw materials and
fuels. Self-sufficent in rice, Japan must import 50% of its requirements
for other grain and fodder crops. Japan maintains one of the world's
largest fishing fleets and accounts for nearly 15% of the global
catch. Overall economic growth has been spectacular: a 10% average in the
1960s, a 5% average in the 1970s and 1980s. In 1990 strong investment and
consumption spending helped maintain growth at 5.6%. Inflation remains
low at 3.1% despite higher oil prices and rising wages because of a
tight labor market. Japan continues to run a huge trade surplus, $52
billion in 1990, which supports extensive investment in foreign
properties.

_#_GNP: $2,115.2 billion, per capita $17,100; real growth rate 5.6%
(1990)

_#_Inflation rate (consumer prices): 3.1% (1990)

_#_Unemployment rate: 2.1% (1990)

_#_Budget: revenues $499 billion; expenditures $532 billion, including
capital expenditures (public works only) of $52 billion (FY90)

_#_Exports: $286.5 billion (f.o.b., 1990);

commodities--manufactures 97% (including machinery 38%, motor
vehicles 17%, consumer electronics 10%);

partners--US 31%, Southeast Asia 29%, Western Europe 21%, Communist
countries 3%, Middle East 3%

_#_Imports: $234.7 billion (c.i.f., 1990);

commodities--manufactures 50%, fossil fuels 24%, foodstuffs and raw
materials 26%;

partners--Southeast Asia 23%, US 23%, Western Europe 18%,
Middle East 13%, Communist countries 7%

_#_External debt: $NA