Abstract
<p class="MsoNormal" style="text-justify: inter-ideograph; text-align: justify; margin: 0in 0.5in 0pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman;">This paper examined the &lsquo;hollowing out&rsquo; (de-industrialization) phenomenon in Japan. We collected time series data for twenty years to investigate the home country impact of outward FDI and a weakening manufacturing sector. We used descriptive statistics and econometric techniques to show that de-industrialization is indeed taking place. We also showed that domestic factors such as low inflation, high wage rates and an increasing number of firms were associated with a more dynamic manufacturing sector. However, the persistent unemployment and long recession point to the need for policies that will invigorate domestic industrial activity if Japan is to return to a strong growth path.</span></span></p>
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