Word: japanized
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Dates: during 1950-1959
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...months since the Diet passed Japan's first law banning prostitution, the brothelkeepers, banded into an organization called the National Venereal Diseases Prevention Autonomy Association (Zensei), have waged a stout battle to preserve their livelihood. Zensei directors called on the Chief Cabinet Secretary, persuaded the government to postpone enforcement of the law until April 1958. Zensei spoke with the air of an organization representing men of stature in the community. Some of its 35,000 members serve in provincial and municipal assemblies; others are directors of loan associations, better business bureaus, even P.T.A.s. A Zensei-sponsored petition protesting...
...vital balance of trade out of kilter to the detriment of its entire economy. Through the second quarter of 1957, imports poured in at the rate of $5.1 billion annually, 60% more than in 1956 and $2.4 billion more than the most optimistic estimate of exports. The drain on Japan's foreign-exchange reserves reduced them from $1.5 billion at the end of 1956 to $875 million last month (or to $270 million, excluding frozen, debts and import contracts still to be paid). In addition, home-front inflation has hiked the cost of living nine points since 1953, with...
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...
...told, Japan's industrial production may drop as much as 10% this year as a result of the government's campaign. Yet few Japanese see signs that the credit pinch will push the economy into serious deflation. For one thing, Japan's traditionally thrifty industrialists have strong cash reserves to fall back on. While net profits rose 23.1% between June and December 1956, companies increased dividends by only 2.2% (to 14.1%), retained the bulk of their earnings. As for Japan's consumers, heavy savings from past years (12% of disposable income v.7% in the U.S.) plus...
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...