Word: sato
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...nations. Rogers, speaking "directly and candidly," demanded a substantial revaluation upward of the yen, elimination of Japanese restrictions on U.S. imports and a "dramatic" increase in Japanese aid to developing countries. Japanese Foreign Minister Takeo Fukuda, who is a leading candidate to replace 70-year-old Prime Minister Eisaku Sato, was prepared to make one concession. He announced that Japan will remove import quotas on several U.S. products, including soybeans, light aircraft and air conditioners. But he was adamant in rebuffing demands that the U.S. considers to be far more crucial. Most notably, Fukuda refused to consider an upward revaluation...
...Revelation. The U.S.'s moves had the immediate political effect of creating a schism in Prime Minister Eisaku Sato's long-solid Liberal-Democratic Party. Nixon's overtures to China split the party into warring pro-and anti-Peking factions; his economic measures lent credence to charges by opposition party leaders that the Sato government had tied itself too closely to the U.S. Sato, who had built his remarkable four-term career on that relationship, had expected to step down triumphantly next spring at 70, after the return of Okinawa from U.S. to Japanese rule...
...only decisive development came at week's end from Tokyo. After two weeks of agonizing over the Nixon pressure and several times denying flatly that the yen would be revalued, the government of Prime Minister Eisaku Sato finally announced that it would allow the Japanese yen to float against the dollar. This was probably an unavoidable decision for Sato, but it was especially painful and will produce wide-ranging economic woes for Japan. By in effect increasing the price of the yen, Sato dulled the cutting edge of Japan's export drive, not only in the U.S.-which...
...trading. But as the week progressed, rumors began to circulate that the International Monetary Fund, the clearinghouse established at Bretton Woods in 1944, would eventually ask for a 13% to 14% revaluation of the Deutsche Mark against the dollar. Naturally, the dollar thereupon began to drift downward. Then came Sato's surprise announcement. In a seesaw effect, the dollar began to move back up, reflecting a feeling among investors that higher prices for Japanese goods worldwide would help boost U.S. export sales. By the close of business Friday, the mark was being traded at 3.40 to the dollar...
...Sato is unlikely to preside over the rapprochement with China since he plans to retire before his term expires in October 1972. Nixon's move could even advance his resignation. Whoever Sato's successor may be, one thing is sure: Japanese foreign policy will be progressively more independent of the U.S. from...