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The Japanese presence in U.S. banking markets is of particular significance. Japanese represent slightly over one-half of the total foreign banking presence in the U.S., concentrated in two states (California and New York). The growth of Japanese direct investment in the U.S. and the yenldollar exchange rate appear to be the two most important economic factors influencing this rising Japanese banking presence. Japanese legislation liberalizing the flow of investment in and out of Japan, beginning in 1980, is a very important factor. Also, the International Banking Act of 1978 may be important in explaining the recent growth of Japanese bank branches in California.LTHOUGH THE GROWTH IN THE FOREIGN banking presence in U.S.

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