Abstract
We investigated the direct investment behaviors of Japanese industries to Asian countries focusing on the manufacturing industries, especially on the iron and steel one to estimate their direct investment in the future. The principal conclusions can be summarized as follows:
(1) The development of Japanese industries to Asian countries could be explained by two main factors, exchange rate and the GDP gap between Japan and those countries.
(2) The correlation between the direct investment of electric appliances industry and transport machinery industry and yen/dollar exchange rate are recognized higher enough, but it was lower as for the metal industry, although it shows a tendency of rising after 1990 years.
(3) The correlation between the direct investment and the GDP gap also showed the similar tendency as described in (2).
(4) The direct investment in 2005 years of the Japanese steel industry is expected to expand by 4 times from that in 1994 years on the average.
