Is the Japanese Capital Accumulation "Balanced"?

If there is no way to improve social welfare by diverting investment from one sector to another, then capital accumulation is sectorally balanced. We derive a necessary condition of the sectorally-balanced growth, which can be called no arbitrage condition in shadow prices (NACISP). Assuming perfect competition and constant returns. the test of NACISP is applied to the Japanese data. The result suggests sectorally-unbalanced growth in the Japanese economy between 1960 and 1985. Strong evidence of sectoral-unbalancedness is found in agriculture-forestry-fishery, Mining, construction, manufacturing, and real estate industries.