Word: hayato
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Such steps had to be taken because last year Japanese industry-carried away by Prime Minister Hayato Ikeda's plan to double per capita income in a decade-launched into an orgy of expansion. Imports of heavy machinery became so great that ships had to wait as long as 30 days to unload, and Japan's trade deficit jumped to a record $1.5 billion. Determined to get the nation's balance of payments back on even keel, Ikeda raised interest rates, put curbs on imports, and mounted a drive to increase exports...
...died down, and before long the country took it for granted that eventually Sato would become Prime Minister too. When the wild, leftist-backed riots that forced Dwight Eisenhower to cancel his visit to Japan in 1960 also forced Kishi to resign prematurely, the job went to Trade Minister Hayato Ikeda...
Shaken by these jeremiads, Premier Hayato Ikeda's government slapped on credit curbs designed to discourage industrial expansion. Last week, however, the government reported that, despite all its efforts, Japan's gross national product in 1961 increased by 21.5%-6½ times the U.S. rate. Meanwhile, under the stimulus of a government-backed export drive, overseas sales had picked up enough to give Japan a favorable trade balance of $92 million for the first quarter of this year. Sighed Government Economic Planner Masao Sakizaka: "It seems the only people who realize that there's a serious recession...
Double the Income. Prime Minister Hayato Ikeda's government has proposed a ten-year plan to provide many of the needed changes. But to divert the voters' attention from Japan's current political upheavals, Ikeda publicly laid greatest stress on the plan's goal of nearly doubling Japan's per capita income...
...Masamichi Yamagiwa of the Bank of Japan, likes to relax by playing go-a, Japanese war game in which he astounds opponents with his daring, unbankerlike moves. But in recent weeks, torn between the need to cool off Japan's overheated boom (TIME, Sept. 8) and Prime Minister Hayato Ikeda's fear that any belt-tightening would hurt him politically, Yamagiwa, 60, has shown uncharacteristic indecision. Last week he finally hiked Japan's bank rate from 6.935% to 7.3%, the highest of any industrialized nation. Tighter money, Yamagiwa hopes, will discourage the more feverish expansion plans...