This article maps in the ‘value chain X time" space the changing personality of joint ventures with Japanese firms. The key findings are that (1) newly created joint ventures between US. and Japanese firms have shifted away from Japan-hound, marketing/distribution- specific activities to manufacturing and especially research and devel­opment activities; (2) newly created joint ventures tend to be more narrowly focused along the value chain and generally more global in scope; (3) divorce in joint ventures tend to mirror findings under (1) and occur almost invariably in downstream activities; and (4) finally, newly created joint ventures tend to be concentrated in industrial sectors in which Japan has established its world leadership. © 1995 by The Haworth Press, Inc.