That the Japanese are the largest single group of foreign investors in American real estate is a fact (U.S. Department of Commerce, 1993, pp. 51 54).
Japanese investment in American real estate accounts for 37.8 percent of total foreign investment in American real estate (U.S. Department of Commerce, 1993, p. 53). This investment level exceeded that for all of the European Community countries combined, which is 31.6 percent. In terms of dollar levels of foreign investment in American real estate, Japanese holdings total $11.4 billion, while those for the entire European Community total $9.5 billion (U.S. Department of Commerce, 1993, p. 53).
For purposes of this research, the private sector capital markets was defined as (1) corporate and other bonds, other than US Treasury securities, and (2) corporate equity stocks. The total of such investment increased approximately eight times from 1971 through 1991.
The countries of Western Europe are, by a large margin, the major foreign investors in the sector capital markets in the United States, accounting for somewhat more than seven of every 10 foreign dollar equivalents invested in American capital markets. Canadian investments (approximately one eighth of the tot
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