Word: asia
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Dates: during 1960-1969
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Growing Investment. As the world's fifth-ranking industrial power (behind the U.S., Russia, West Germany and Britain), Japan is far and away the richest nation in Asia. Its 1966 gross national product of $100 billion represented a steady 10% annual growth that has varied little since 1950. Japanese businessmen have worn their own commercial path throughout Southeast Asia. Hong Kong at sundown becomes a Japanese city, its harbor dappled with the neon reflections of pink, blue, red and green signs that announce Sony and Daimaru, Minolta and Canon. In Djakarta, the grey-white slabs of Japanese-financed hotels...
...Japanese government has nevertheless been unwilling to allow the full impact of its national prosperity to permeate the rest of Asia. Fearful of evoking the specter of Japan's wartime "Greater East Asia Co-Prosperity Sphere," conservative Premiers have shied away from government involvement in the aid and development of the region. But over the past year, Premier Sato has moved quietly and in typical "low posture" to take Japan into a more active Asian role...
...since General Hideki Tojo's original Co-Prosperity Sphere conclave ia 1943. Six Asian nations attended-Singapore, Malaysia, the Philippines, Thailand, Laos and South Viet Nam, while Cambodia and Indonesia sent observers. The consequent exchange of information about economic aid needs and Sato's reminder that Southeast Asia receives only $2.50 per capita in foreign aid from all sources (v. $5 for Africa and $6 for Latin America) led the Singapore Straits Times to suggest that "a miniature Asian Marshall Plan" might emerge from the conference. Japan could conceivably be the sponsor...
...first president is a former government finance adviser, Takeshi Watanabe, 60. With its $200 million funding toward the 32-nation bank's $1 billion capitalization, Japan matched the U.S. contribution. Said Sato: "A cornerstone is now being laid by all of us to establish a new era in Asia...
Japan's new Overseas Youth Volunteers are Asia's first Peace Corpsmen, and though they so far number fewer than 100, they represent another indicator of Sato's outward thrust. Stationed from Southeast Asia to East Africa, they are skilled in auto repair and agriculture, nursing and nutrition, use their spare time to teach such Japanese native skills as origami and karate. Despite their Asian eyes and skin color, the Japanese Peace Corpsmen find it as challenging to relate to underdeveloped Asia as do their round-eyed American counterparts. For all their own appetite for sashimi...