Summary: The task force addressed two key questions. First, are there structural features of the U.S.- Japan science and technology relationship that affect U.S. capabilities to produce and utilize innovation? Second, are there general lessons and insights to be drawn from the U.S. experience with Japan that could be applied to international science and technology relationships in the future? The task force believes that science and technology relations with Japan continue to have significant implications for the U.S. economy and will be more important in the future than is currently perceived. The task force also believes that the U.S. industrial and high-technology ascendancy apparent today is not a permanent state of affairs. Not only Japan but also emerging industrial powers such as Korea and China will produce strong competitiveness challenges for the United States in the future.