Word: ikeda
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...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...
...strings. Sato, who controls 100 Diet members of the governing Liberal-Democratic Party, pledged their votes to Ikeda. Kishi did the same with his faction. Though Ikeda, 62, would like to stick around to carry through his ambitious plan to double Japan's national income by 1970, there is now rising pressure for him to step aside as early as next spring, and he may feel obliged to repay his debt to Sato...
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...
...December prices on the Tokyo Exchange had plummeted 30%. For months the market had been rising so joyously that investors forgot it could ever decline, and common people had become such avid speculators that brokerage houses opened offices in department stores for the convenience of housewives. Reluctantly, Ikeda raised interest rates to discourage further borrowing for expansion and put curbs on imports. As a result, the trade deficit has gradually begun to improve and stock prices have started recovering...
...market. The customer becomes more selective and looks for better quality. That's when the good companies make themselves felt." More important, Matsushita remains confident that, given a modicum of good management, the continued growth of Japan's economy is assured. He has long criticized Premier Ikeda's heady "double the income" talk as a stimulus to ill-conceived and excessively rapid expansion. "There is such a thing as the most economical speed of operation whether for an engine or a national economy," says he. "What the Japanese economy has to do now is slow down...