International Economic Affairs

JAPAN'S economy after the Second World War was a highly controlled economy with restrictive tariff and non-tariff barriers applying to trade rigid control on movement of funds not only out of Japan but also into Japan. Over the years. Japan has liberalised trade and dismantled most of its non-tariff barriers except those meant to protect its high-cost primary sector. Rice and beef are the two principal commodities enjoying this protection. Also, tariffs have come down consi-derably over the years. In regard to control on funds, Japan has been more cautious.