Word: tokyo
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Dates: during 1970-1979
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...deluge of Japanese imports is arousing an angry protectionist reaction in the U.S.?Tokyo's wartime conqueror turned No. 1 trading partner (see Symposium, page 90). Fully 30% of Japan's exports go to the U.S. As recently as 1964, Japan bought more than it sold in U.S. trade. Since then, the popularity of Sony TVs, Nikon cameras, Panasonic radios, Toyota and Datsun cars, and Honda and Yamaha motorbikes has turned the picture upside down. Materials-short Japan is a big and growing consumer of American coal, lumber and even soybeans, but in each of the past three years...
...trade hawks, and Nixon turned the offer down. The President then further tangled the textile situation by mixing it up with international politics. He decided to submit to the Senate a treaty returning Okinawa to Japan, rather than handing it back by administrative action as he had led Tokyo to expect. If the Southern textile bloc can sew up 34 Senate votes, it can defeat the treaty. Okinawa is such an emotional issue in Japan that a defeat could topple Prime Minister Sato's government...
...rules of the game of world trade. Many American businessmen contend, with some justification, that the Japanese dump not only TV sets but also steel, textiles, float glass and radio tuners. U.S. industrialists also complain bitterly (and enviously) about the special help their Japanese rivals get from the Tokyo government: official blessings for cartels formed to win big foreign orders, lavish and extensive government-financed studies of which overseas markets might be easiest to crack, low-interest loans to exporters from the government-dominated banking system, and the lowest corporate taxes in the industrial world...
Most of all, Americans are incensed by the way that Japan, while invading foreign markets, has closed its domestic economy to many foreign goods and most foreign capital investment. Supposedly, that situation is changing. In 1969, Tokyo maintained quotas or other barriers against 120 categories of imports. Last January, the number was cut to 80, and this month it is supposed to go to 60; the Japanese have pledged to reduce...
...manufacturer of soy sauce and sake, Morita started out as an engineer. As a wartime navy lieutenant he was assigned to help an engineer named Masaru Ibuka develop a heat-seeking bomb. After the defeat, Ibuka opened a communications-equipment business in a Tokyo shed, and Morita joined him. The two begged and borrowed $500 to start Tokyo Telecommunications Co., later Sony. Ibuka, who was Mr. Inside, developed the products and became president; Morita, Mr. Outside, specialized in marketing and became executive vice president. Sony succeeded because its chiefs were among the first Japanese businessmen who did not copy Western...