From Australia & Japan in the 60s and 70s to China now

We noted in an FX Daily last week that the halving of Japanese growth in the1970s versus the 1960s had little impact on Australia. In our view this reflectedthe fact that by the time Japanese economic growth slowed, Japan was such alarge economy that the increase in the level of GDP over the 1970s was aroundthe same as that seen in the 1960s.