If You Can't Beat The Japanese, Why Not Join Them?

The article looks at the U.S. mutual funds industry as of December 1977 with a focus on the performance of closed-end Japan Fund. Topics include the fund's portfolio, the metamorphosis of Japanese industry, and the price/earnings (P/E) ratios of Japanese stocks. Comments from Jonathan Mason, chairman and chief executive officer (CEO) of the fund, and Robert Kugler, president of the fund, are included.