Eamonn Fingleton is the author of "In the Jaws of the Dragon: America's Fate in the Coming Era of Chinese Hegemony."  He focuses upon the rise of Asia and the risks to the U.S.  Fingleton was the featured speaker at CPA's Third Issues Forum on March 12, 2008.

Mr. Fingleton wrote a letter to the editor of the Washington Post, which was printed today.  And which I reprint below the fold.

Japan's Economic Victory

Letters to the Editor 

Wednesday, May 21, 2008; Page A1

Kevin Phillips was right to sound the alarm about America's declining economic clout in his May 18 Outlook piece ["The Old Titans All Collapsed. Is the U.S. Next?"] -- but he was wrong to suggest that Japan's challenge to U.S. manufacturing leadership in the 1980s was a bust. Japan has now overtaken the United States as the world's leading source of the most advanced materials, components and production equipment.

Although Japan's dominance in such sophisticated manufacturing may not be apparent to shoppers at Wal-Mart, it is unmistakable when one looks at international trade figures. As a glance at the CIA Factbook will confirm, Japan's exports to China far exceed America's. And its 2007 current account surplus, at $196 billion, represents a more than threefold rise since 1989. America's current account deficit has increased more than sevenfold during the same period.

EAMONN FINGLETON

Tokyo

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