Many Americans see Japan as a monolith and MIT1 as its leader. In any discussion of competition with the Japanese the specter rises of a unified business and government, where MIT1 determines which direction the economy shall take, pinpointing industries which will rise, funding their development, protecting them from foreign competition in domestic markets, forecasting their demise and softening that blow with subsidies. We hear much of “window guidance” which must be followed because of the government’s pervasive influence in financing through the Bank of Japan. The specter is indeed just that, a ghost or shadow of the truth. The purpose of this discussion is to realistically assess MITI’s role in the Japanese economy. This will include its perceived purpose as well as the practicality of how it functions. An assessment will be made whether or not a similar institution would be appropriate or effective in the United States.