Word: tokyo
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Dates: during 1970-1979
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MOST people envision underwater mines as the sort of studded black balls that Gary Grant dodged in Destination Tokyo. But the delayed-action mines used to seal off North Vietnamese ports last week are considerably more complex. Sown by low-flying Navy planes, some of them were dropped to the surface by parachute; others, equipped with tail fins, plunged straight to the water. Then they were programmed to settle at various depths in patterns designed to frustrate enemy minesweepers. Some were probably sent to the bottom while others were moored by cables. The mines used last week were...
Willie ("The Actor") Sutton used to say that he robbed banks "because that's where the money is." The same reasoning - though not the same modus operandi-is prodding foreign businessmen and government representatives toward Tokyo in quest of loans and investment money. They get a warm welcome from Japanese bankers, businessmen and government officials, who face the unusual problem of reducing an embarrassingly enormous pile of cash...
...Motor is considering building an auto assembly plant there. Last month Mitsubishi Estate formed a joint venture with Morgan Stanley & Co. to build new communities in the U.S. The first will probably be a 1,000-home, $30 million development near Williamsburg, Va. Several states have sent delegations to Tokyo seeking more investment. Governor Linwood Holton of Virginia visited recently and conferred with Kenichiro Komai, chairman of Hitachi, and Iwao Iwanaga, chairman of Mitsui Petrochemical, among others...
Japanese loans and stock investments are also flowing more freely to foreigners. Five Japanese banks recently joined with Manhattan's Morgan Guaranty Trust Co. in lending $13.8 million to a Gulf Oil subsidiary in the U.S. Last month the Tokyo government granted permission to three Japanese securities houses to underwrite bond issues totaling $90 million for three U.S. firms: North American Rockwell, International Utilities Overseas Capital Corp., and General Cable Overseas Inc. Canada's Hydro-Quebec and the governments of Australia and Mexico are shopping in Tokyo for bond loans...
Government Help. The Tokyo government is spurring these trends. Last month it repealed the key measure in the maze of exchange controls that have kept Tokyo from developing an international capital market.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...