Word: masamichi
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...foreign trade, increasing imports and decreasing exports ultimately spell economic disaster. Last week came news that the nation's foreign-exchange reserves had dropped more than $100 million in August alone, will have shrunk from $2 billion to $1.4 billion by the end of fiscal 1961. Frantically, Masamichi Yamagiwa, Governor of the Bank of Japan, called for import curbs and a substantial rise in Japan's already high 6.9% bank rate, to discourage businessmen from borrowing expansion capital...