Word: japanism
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Dates: during 1930-1939
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Complaints against the Allied blockade have been registered by Argentina, Chile, Japan, The Netherlands, Belgium, the Scandinavian countries, the U. S. But these complaints were private. Last week Germany's big new friend Russia complained formally, officially. In a note handed at Moscow to British Ambassador Sir William Seeds, Vice Commissar for Foreign Affairs Vladimir Potemkin found the interests of neutral countries gravely impaired, international trade destroyed...
From April, 1933, until last week, the Japanese yen was nailed to the prestigious British pound at the rate of one shilling twopence per yen though Japan's purchases from Britain were small potatoes and the U. S. far & away her best provider. When Europe's war sent the pound hopping around between $4.68 and $3.72½, the yen hopped alongside, between 275/16? and 22⅞? U. S. money. Last week the Japanese Cabinet decided that it would be simpler to clear on New York; that the pound-pegged yen, which happened to be at 23½?, would...
Meanwhile Britain's blockade of Germany cut off the goods which for the last year and a half have reached Japan under a very favorable arrangement by which Japan, without spending any of her mite-sized gold supply, got machinery, chemicals, etc. in return for some goods but mostly for bothering Britain in the East. These will now have to be bought mostly in the U. S., thereby enlarging Japan's already big import balance and the problem of paying for the war goods she needs...
...Ever since Japan took on the Chinese war, she has been buying twice as much as she has sold to the U. S. Her import balance in U. S. trade for the first seven months of 1939 was 258,000,000 yen. To replace German imports, to get deliveries before the Allies buy the output of U. S. factories, and before the U. S.-Japan trade treaty expires next January, the Japanese have boosted their U. S. purchases by approximately one-third. That put Japan on the spot...
...Japanese explained that the price rise could not be avoided. Fearing a domestic inflation, Japanese people were hoarding silk. Furthermore the 1938 cocoon crop was very small. Trans-Pacific shipping costs had risen since the War started. Total stocks of silk on hand in Japan were estimated to be very low. Besides which the Japanese, to conserve foreign exchange, were buying garments of native silk, instead of imported cotton or rayon made from imported wood pulp...