Word: korekiyo
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When Franklin Delano Roosevelt was first swaddled, Japan's present Finance Minister was already approaching middle age. Today a tottering but keen-witted patriarch, Mr. Korekiyo Takahashi was the first statesman of world prominence to seize last week on President Roosevelt's devaluation project as a basis for local action...
Japanese affectionately call 78-year-old Finance Minister Korekiyo Takahashi "Daruma" after the pot-bellied Buddhist sage, symbol of good luck. Just now he is carrying on with the most colossal and appallingly unbalanced budget in Japanese history. Since Japan quit the gold standard (TIME, Dec. 21, 1931) her yen has fallen to 36% of its par gold value but there has been no monetary inflation, no starting of the Japanese Treasury's printing presses. Last week Mr. Takahashi, who in his youth indentured himself to an Oakland, Calif, farmer to work for three years for a total wage...
...Japanese credit inflation, sponsored by "Daruma" Takahashi as the only means of paying Japan's war bills. Last week he sharply criticized only one point of President Roosevelt's recovery policy, the shortening of working hours under the NRA. To 78-year-old and frankly old-fashioned Korekiyo Takahashi this is nonsense. "What any nation needs now," he snapped, "is more work, not less work...
...Loeb backed E. H. Harriman against Hill (backed by Morgan) in the struggle for control of the Northern Pacific. Jacob Schiff, dining in London dur ing the Russo-Japanese War, met Korekiyo Takahashi (now at 78 Finance Minister of Japan), and on the strength of an eve ning's conversation became Japan's banker, sold $200,000,000 of her bonds in the U. S. (biggest international loan prior to the World War). Since then K. L. has floated leans for Sweden, Holland, Austria, Argentina, for Antwerp. Paris. Marseilles and many another state and city...
Meeting over cups of ceremonial tea the Japanese Cotton Spinners' Federation voted unanimously to boycott raw Indian cotton. In vain Japan's rheumy-eyed Finance Minister, withered Viscount Korekiyo Takahashi, protested that "any boycott is to be deprecated." He was called "weak" by an irate Tokyo press. In their bitter reaction against Britain, Japanese last week exuberantly acclaimed and feted the U. S. cruiser Houston, first courtesy call paid by the U. S. Asiatic flagship in Japanese waters in five years...