Japanese-American Friendship Act

Japanese-American Friendship Act - Declares it to be the purpose of this Act to provide for the use of part of the sums to be paid by Japan to the United States in connection with the reversion of Okinawa to Japanese administration in order to enhance the understanding and support of the close friendship and mutuality of interests between our two nations.

Establishes in the Treasury of the United States a trust fund to be known as the Japanese-American Trust Fund, consisting of: (1) 10 percent of the funds paid to the United States pursuant to the agreement between Japan and the United States concerning the Ryukyu Islands and the Daito Islands; (2) any other amounts received by the fund by way of gifts and donations; and (3) interest and proceeds credited to it from portions of the fund invested by the Secretary of the Treasury. Provides that such investments may be made only in interest-bearing obligations of the United States or in obligations guaranteed as to both principal and interest by the United States.

Requires such amounts in the fund to be used for the promotion of scholarly, cultural, and artistic activities between Japan and the United States. Provides that amounts in the fund may also be used to pay administrative expenses of the Japanese-American Friendship Commission. Establishes such Commission and authorizes it to develop and carry out programs for the promotion of scholarly, cultural, and artistic activities by Japan and the United States, and to make grants to carry out such programs.

Makes administrative provisions to enable the Commission to carry out its functions under this Act.