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The article reports that a U.S.-Japan commercial treaty to internationalize the Japanese yen is not expected to strengthen the yen in foreign exchange markets and to alter international trade, balance of payments, and balance of trade patterns between the two countries. Measures to make the yen an international currency include the creation of a free Euroyen market and deregulation of Japanese capital markets.

The article discusses the trade issue between the U.S. and Japan. According to the author, the Japanese has set a propaganda campaign that aims to withdraw the trade issue foundered in Washington, which is said to be counterproductive. It is alleged that the decision of the Japanese to lift a number of nontariff barriers to the U.S. imports might be rightful since American exports to Japan would not balance the trade account.

Editorial. Focuses on the role of the United States on making Japan realize the need for opening its markets to global stimulus. Reasons for the opposition of Japanese corporations; Goals of the Administration; Avoidance of a public trade war; Options for the U.S. in the event of Japan's noncooperation.

Opinion. Comments on the breakdown of the trade agreements between the United States and Japan. Intolerability of mercantilist sytem; Power of Japan's economy in the world; Focus for President Clinton; Reforms in Japan's distribution system; Targeting Japan's closed financial markets; Japanese fear on rising yen making them uncompetitive; Prodding of Japan to be less insular.