They both mean I am an American
but which is preferable in everyday speech and in writing, and why? Is the former more formal than the latter?

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2 Answers
Today people never say 米国人
in everyday speech and even in written form most people express American as アメリカ人
.
The obvious exception is on a newspaper. Writers there still express it as 米国人
, for possibly two reasons:
米国
is shorter thanアメリカ
.Kanji is more suited than Katakana to vertical writing, which is still used in newspapers.
I also want to note that this tends to be applied to 英国
/イギリス
as well. Also, Kanji is often used to express each country (e.g. 仏
, 独
, or 伊
to express フランス
, ドイツ
, or イタリア
) even on the web news just because those are shorter.
Honestly, I have almost always heard people from the United States use "アメリカ人". I think "米国" can indeed be thought as more formal, and is used a lot when it comes to guidebooks and such. I see it a lot in writing, and when writing compounds:
- 米文学{べいぶんがく}: American literature. Any other form, 米国 or アメリカ, can be used there.
- 北米{ほくべい}: North America
- 米州{べいしゅう}: The Americas
Keep in mind that they both have exactly the same meaning: the United States of America.
- 米国{べいこく} comes from 亜米利加{あめりか} which is I think simply a juxtaposition of Chinese characters to get the actual sound.
- Similarly, for France, フランス is always used in katakana except for French - Japanese dictionaries for which the chinese character 仏{ふつ} is used. This one comes from 仏蘭西{ふらんす}. However, this only used when referring to "abstract" France, and never to refer to the country or to the people. You can also find it for example in the 仏検{ふつけん}, the French proficiency test for Japanese people.
- For the English language, 英{えい} is used, but this one comes from England, 英国{えいこく}, which itself is from 英吉利{いぎりす}.
So, they are the same but I tend to hear a lot more of "アメリカ" and see a lot of "米国" written. If you have a look on Wikipedia though, you can see most pages that have 米 in their name are redirected to their アメリカ counterparts which would seem to indicate that アメリカ would even be more correct or at least more frequent.

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1Regarding your last paragraph, my 在留カード issued by the Japanese government says 米国. And the tax treaty I benefit from says アメリカ合衆国 which is the formal name of the United States of America in Japanese. I say this just in regards to the "more correct" aspect. – virmaior Nov 17 '14 at 04:43
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Thanks for the insight... Being a non-american, I never really encountered the various aspects of the name of the country. – Urukann Nov 17 '14 at 09:02
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The Americas in English wouldn't refer to just the USA; it'd include all the land in North and South American continents. Does it really just refer to the USA in Japan? – Andy Aug 24 '17 at 01:35
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I don't think Urukann is saying *the Americas* refers specifically to the United States. He's just giving examples using 米. – Aug 24 '17 at 05:10