haʊˈɛvɚ, dʒəpˈæn æt ðə tˈaɪm ɹᵻfjˈuːzd pɑːɹtˈɪsɪpˈeɪʃən dˈuː tə ðɪ ɛksklˈuːʒən ʌvðə juːnˈaɪɾᵻd stˈeɪts, wˌɪtʃ æt ðə tˈaɪm hæd tˈæɹɪfs ˌɔn ˈiːtʃ ˈʌðɚ, hɐz ɐn ɪkˈɑːnəmi tˈuː dˈiːpli ˌɪntɚlˈɪŋkt θɹuː tɹˈeɪd, ænd wʌz stˈɪl ɹˈiːlɪŋ fɹʌmðɪ ɪfˈɛkts ʌvðə dʒˌæpənˈiːz ˈæsɛt pɹˈaɪs bˈʌbəl.
However, Japan at the time refused participation due to the exclusion of the United States, which at the time had tariffs on each other, has an economy too deeply interlinked through trade, and was still reeling from the effects of the Japanese asset price bubble.