Word: miti
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Dates: during 1970-1979
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...visit, the Japanese gave a royal welcome to the Americans, whose trip was paid for entirely by Washington. Premier Takeo Fukuda popped in at two receptions in Tokyo and even conversed with Kreps and others in English, a language he almost never uses in public. Japan's aggressive MITI (Ministry of International Trade) and the big trading houses had arranged for the visitors more than 3,000 interviews with potential buyers, and a few sales had been prudently lined up ahead of time. When Mrs. Kreps criticized Japan's reluctance to import, her hosts smiled and politely applauded...
...futile search for contracts. Says he: "We wouldn't have stayed all this time if we hadn't been encouraged by government bureaucrats who said, 'Be patient, you'll eventually succeed.' " Fed up with meaningless reassurances, Neumaier braced Hiroo Takizawa, the MITI environmental guidance director. Takizawa conceded that Japan intended to protect its own. Said he: "The Japanese government believes that it is very important to nourish Japan's knowledge and technology industries and has been trying to develop its own think tanks." From now on, Neumaier intends to concentrate on expanding his business...
Japanese companies' investments in overseas factories, mines, bank branches and the like now are only $3.6 billion but are rising rapidly. Leaders of the Ministry of International Trade and Industry (MITI) predict that by 1980 the total may reach $26 billion. In the U.S., the Japanese are investing in everything from noodle making to home building. A partial list: Sony is building a $1,000,000 color-TV plant in San Diego, and Nisshin Food Products Co. has put up a noodle factory in Gardena, Calif. Matsushita Electric is about to begin producing color-TV sets in Puerto Rico...
...international capital market. For the first time in 40 years, private bankers and other capitalists in Japan can keep, spend or lend any foreign currencies that they accumulate, rather than being compelled in most cases to sell them to the government for yen. In addition, at the urging of MITI Minister Kakuei Tanaka, government technicians are now working out details of a plan to shift from $5 billion to $9 billion of the government's foreign-exchange reserves into a fund for making long-term loans to Japanese companies investing overseas...
...agreement will wipe out some jobs, and even though the Tokyo government stands ready to provide $700 million to buy up surplus spindles and outdated machinery, Japanese textile manufacturers are not mollified. Last week they organized rallies throughout Japan eclipsing the anti-import rallies staged earlier in the U.S. MITI experts estimate that Japan's textile sales to the U.S. will drop to $530 million a year, from a recent high rate of some $560 million-to say nothing of the $750 million that might have been reached without restrictions. However drastic, that reduction will not save many jobs...