Trade issues with Japan dominated relationships, especially the threat that American automobile and high tech industries would be overwhelmed. Japan's economic miracle emerged from a systematic program of subsidized investment in strategic industries -- steel, machinery, electronics, chemicals, autos, shipbuilding, and aircraft. During Reagan's first term Japanese government and private investors held a third of the debt sold by the US Treasury, providing Americans with hard currency used to buy Japanese goods. In March 1985 the Senate voted 92–0 in favor of a Republican resolution that condemned Japan's trade practices as “unfair” and called on President Reagan curb Japanese imports.