Oldal 3 [3]
OCR
Kae 3eAUZ2 520 - page three = the balance of the coumtry's foreign trades Both imports and ex— orts have risen in the most spectacular fashion, In 1951 the imports rose to 1700 million Dollars, while the exports achieved 1,159 millions, This may look at first gigncesassa deficit, but in fact it is not, since the invisible Dollar exports and the Dollar vurchasées of the U.N, Forces more than balance the visible trade @eficit, In fact, at the end of 1951, the foreign curreney reserves of Japan well exeéeded 700 million Dollars, of which almost 600 million were American Doliarsy the rest being mostly dn currencies of the Sterling srea, Main imports are still food 26% end textiles 41% 3 main exports are textile manufactured goods 48% end heavy industry products 30%, Ac far as trends go, the nomelization of föreien trade has progressed, but one thing has changed considerably ; the whole market of China is gon@s Hence it is Latin America, the free countries of Asia and the . Australasian area which are becoming the. prime target or Japan! g economic expansion, This the more since the trade between Japan ené the United States is somewhat decreasing, specialiy the exe ports to the Sterling area are now worrying Japan, which is afraid of to large a Sterling credit, Tis is the reason why da@& pents most recent trade moves where all made with the ain at keeping the sterling=balance as it ig to@ay 3 8 tendency in which the govermement seems to fight a losing kattile, WW This impravenent of the situation, due clearly to the Korean leu, has led the Japenese to carry out or prepare three steps further to expend the present economy, THe first etep:is anew lay of foreign investments, made on July 1st, According to this lawy . foreien investors in Japan will be permitted ty get the dividends in Dollars; if they want to puli out, they willbe permitted to remove enrüally 20% of their invested capital in Woliars írom the country 3 further investments will bé favoured ane encouraged Uhis is the more attractive since the yiekd of stock>1m Jupan is: very high today. The second step is the discussion to ht carrie out this summer on the resumption of payment by Japan. on its past Dollar and Sterling debts. Once this is finished in a mutuniiy satisfactory manner, Japan plans vast foreiga loans, in ord@s, ** to improve its public utilities and basic industries, aK ‘hus we can conclude on the first point, that economically speaks despite the dangerous pressure of population, and gravest losses, Japan is doing splendidlyy and has made an impressive recovery. But this should not make us forget, that basic conditions are very difficult, and thet sooner or later they will have to be solved inorder to permit the surplus population to Live on better — sVandards, Any ignorance by the West of this basic condition would be fatal gndeed, . a 5 s 4 Mm | = ee : 12
