Chris_C, the track has first been written by Ure and Lynott as an experiment with electronics during Thin Lizzy Japanese tour. Midge then rehearsed it with Ultravox (see Warren's interview to Jonas ), but without success, so Midge then took it to the sessions for the first Phil Lynott LP (and took Billy along to play synths). So the official authors of it are Ure/Lynott.
Interesting that the ingle release of "Yellow Pearl" featured song "Girls" as a B-side, which is also totally electronic (and also on LP).

The first recording line-up (for LP) was this:
Philip Lynott (Vocals, Vocoder, Bass Guitar, Mini Moog, Percussion)
Midge Ure (Mini Moog, String Machine, ARP Synthesizer)
Billy Currie (ARP synthesizer)
Brian Downey (Syndrums)
Laureen (Female Voice)

Rusty Egan re-recorded drums for the single releases in 1981.
The producers of the song were Lynot and Kit Woolven, Midge remixed it for both single releases in 1981, and interesting that for the 2nd (Top of the Pops) release Laureen's vocal contributions were omitted.

As for the meaning of the song - as it was written during the Thin Lizzy tour of Japan, it reflecs fear of the Western man in the face of Japanese technological advances, and the words like "attack is what we LACK" mean that Japanese can and will soon coquer the West thru' it and Western world won't be able to resist.

For more stuff like this check also "Shake the West Awake" from Landscape.
For opposite point of view check "Western Promise" wink

P.S. By the way, one of the girls in the video dressed almost exactly like Midge in "The Thin Wall" video...