Japanese foreign direct investment : recent trends, determinants, and prospects

In the late 1980s, Japan became the biggest source of foreign direct investment (FDI) in the world. The main beneficiaries of the rapid increase in investment flows were industrial countries, but the developing world (especially East Asia and Latin America) also received substantial inflows. In East Asia, the newly industrial economies (NIEs) of Hong Kong, Republic of Korea, Singapore, and Taiwan (China) were, at first, production bases for Japanese manufacturing in the 1970s and early 1980s. But in the late 1980s, these countries became new, expanding consumer markets, attracting huge Japanese investments in the tertiary (service) sector, while investments in manufacturing shrank rapidly because of rising labor costs. The Association of Southeast Nations (ASEAN) and China became Japan's new production base. In Latin America (mostly small Caribbean countries) Japan's focus is almost exclusively on tax havens. Globally, Japan's investments in the secondary (manufacturing) and service sectors of the major Latin American nations are only marginal. Japanese investment flows declined drastically after 1989, mostly because of the depressed global and domestic economy, after rapid asset price deflation in Japan. Hardest hit by the decline were the United States and Europe. Japanese FDI flows to developing countries also declined, but less. The biggest losers were the NIEs and the Caribbean tax havens. The biggest losers were the NIEs and the Caribbean tax havens. Japanese investments continued to grow in other Latin American countries and, even more, in the ASEAN and China. Japanese investors sharply reduced tertiary sector investments, primarily geared to maintaining or expanding markets. Investments in the secondary sector, making use of low-cost production, continued to expand. This trend is expected to continue in the near future, with FDI flows declining further, albeit more slowly. Low-wage production countries such as China and Indonesia will attract an increasing share. Investment to expand markets in the industrial countries and the NIEs are likely to decline. But medium-term prospects for Japanese FDI in developing countries are brighter, as economic recovery and continuing current account surpluses in Japan will lead to a resumption of active foreign investment by Japanese multinational corporations.Foreign Direct Investment,Environmental Economics&Policies,International Terrorism&Counterterrorism,Economic Theory&Research,Trade and Regional Integration

Endosonography-Guided Pancreatic Duct Drainage for Chronic Pancreatitis: A Case Report and Review

A 50-year-old man was admitted to our department, complaining of epigastric pain and high fever. CT revealed a pseudocyst at the pancreatic head with upstream dilatation of the pancreatic duct (PD) and fluid collection surrounding the pancreas. Endosonography-guided PD drainage (ESPD) was performed because of unsuccessful ERCP. With a curved linear array echoendoscope, a 7.2 F catheter was placed in the PD. Laboratory data showed improvement in a few days and revealed disappearance of the fluid collection. Ten days after ESPD, a 7 F stent was placed in the PD via the puncture tract across the papilla of Vater followed by transpapillary replacement with a 10 F stent. CT showed a reduction in diameter of the PD and disappearance of the pseudocyst. ESPD is a feasible and useful procedure in selected patients with chronic pancreatitis showing stenosis of the main PD when transpapillary approach is impossible

Newly Developed Fully Covered Metal Stent for Unresectable Malignant Biliary Stricture

We herein report two patients with unresectable malignant biliary stricture who underwent stenting with a newly developed fully-covered metal stent. In the first case of lower-middle bile duct cancer, a stent was placed through the stenosis. In the second case of middle bile duct stricture due to lymph node metastases from gallbladder cancer, a stent was placed in the bile duct across the stenosis. No procedure-related complications were observed. Unevenness of the outer surface and a low shortening ratio are expected to lessen the occurrence of complications characteristic of covered metal stents such as stent migration and bile duct kinking

Pancreatic guidewire placement for achieving selective biliary cannulation during endoscopic retrograde cholangio-pancreatography

AIM: To investigate the frequency and risk factors for acute pancreatitis after pancreatic guidewire placement (P-GW) in achieving cannulation of the bile duct during endoscopic retrograde cholangio-pancreatography (ERCP)