(I don't think Australia is included in when it comes to the market, though)
is a word but either or are not a word but just three abbreviated words are put in a row and they both mean "Japan, the USA, and Europe. So, if you want to say "Japan and the Western countries", it should be , not . And, if you want to say exclusively "Japan and Western Europe" it's because includes eastern one too. Today, often sands for "Japan and EU".