Friends or Rivals? describes the recent development of U.S.-Japan relations, exploring the sources of Japan's economic might and providing a comprehensive analysis of policy toward Japan under the Bush and Clinton administrations. Armacost offers unique insights into Japanese views on American politics, economics, and society, and explores fluctuating American opinions on Japan.

Friends or Rivals? examines the promise and perils of interdependence at a time when the familiar landmarks of the cold war era are beginning to fade. Armacost chronicles American efforts to reduce a massive trade imbalance, arrange a more equitable sharing of mutual defense costs, elicit a substantial Japanese contribution to the multilateral alliance during the Gulf war, and design a global diplomatic partnership with Tokyo.

An authoritative account of contemporary U.S.-Japan relations, Friends or Rivals? is also a provocative ambassadorial memoir, as Armacost reveals his own perceptions of the power brokers who continue to define the terms of U.S.-Japan relations.