Word: ichimada
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...jumped almost 100% to 219 on the 1934-36 index. But last week Japan had two somewhat more sober phrases to quote: naka-darumi, meaning pause, and oi-uchi, meaning a tightening. The pause in the boom had been brought about by the credit pinching of Finance Minister Hisato Ichimada to keep inflation from toppling the boom...
Tough Medicine. To tighten money, Finance Minister Ichimada asked Japan's central bank to 1) hike its rediscount rate from 7.3% to 8.4%, 2) tighten up reserves of commercial banks to make loans harder to get, and 3) raise deposit requirements on import licenses from 5% to 35% of the shipment's total value, thus immediately tying up an estimated $40 million worth of importers' funds. As a result, imports dropped an average $25 million monthly, were actually slightly behind currency-earning exports for the month of October. Moreover, inflation at home lost some of its steam...
Austerity & Growth. Finance Minister Ichimada does not expect an overnight cure for Japan's expansion troubles. Japan's international payments may actually wind up $400 million in the red by the end of fiscal 1958. But for fiscal 1959 he hopes to balance Japanese trade by boosting exports to $3.1 billion while holding imports to $3.2 billion. Instead of leaping ahead by 10% to 20% each year, national income and industrial production may only grow 3% or 4% next year. Says Finance Minister Ichimada, who calls himself "a realistic optimist": "Our keynote is austerity. There...
Finance Minister Hisato Ichimada had slashed imports, forced industrialists to export. Said he, stumping the factories: "Never mind about making more mouse traps. Just make better mousetraps." This year Japan made better mousetraps in the shape of cashmere sweaters, fine fabrics and china, and the world came flocking to her door...
...Smell of '35. Recently the U.S. Chamber of Commerce held a meeting with Japanese tax officials, hoping to work out a compromise. But the businessmen got only a vague promise that Finance Minister Ichimada would "study the situation." Most think that Ichimada will use the new tax rules to weed out the U.S. business community in Japan by applying them leniently or harshly depending on the individual businessman...