Abstract
The fact that Japan's balance of trade exhibited a surplus of $9,917 million in 1976, the highest in history, has not only caused worldwide repercussions against Japan's export drive but also is increasingly pressing Japanese businesses into multinationalizing themselves. It is true that trade surpluses can be eliminated by curbing exports and expanding imports, as well as by the yen revaluation, if necessary. However, these solutions are for the economy as a whole. At the level of individual firms, the story is different: it is more often than not that large firms generally opt for overseas production when they find their major export markets in jeopardy.
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