Word: tokyo
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Dates: during 1970-1979
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...annual rate of 1.3% (compared with 3.8% in the U.S.). In other years, Japan could hope to spark its economy by increasing exports. But both U.S. businessmen and the European Community have complained that underpriced Japanese goods are already flooding their markets (see ECONOMY & BUSINESS). They demand that Tokyo sell less and import more. As a former Finance Minister and one of his country's leading economics experts, Fukuda is expected to increase government spending and provide businesses with low-interest loans...
Sizing Up Carter. In foreign affairs, the new Premier confronts both a Moscow that is still seething because Tokyo allowed the U.S. to dismantle and examine the MiG-25 that a defecting Soviet airman flew to Japan in September, and a Peking miffed because negotiations for a Japanese-Chinese peace treaty have bogged down. It is unlikely, however, that Fukuda will take any new foreign policy initiatives until he has had the chance to size up the diplomacy of Jimmy Carter's Administration...
...same types of products-but the Japanese place a greater stress on foreign sales. Since World War II, aided by a supremely motivated work force and a gigantic worldwide marketing-intelligence network, the Japanese have made exports the cutting edge of industrial growth. Kinji Yajima, an economist at the Tokyo Institute of Technology, says frankly: "The very efficiency of this Japanese machine makes it ruthless...
Responding to continuing cries from the West, the Japanese were already taking some steps to reduce their trade surplus before the latest dustup. For instance, in 1977 as in '76, Tokyo will limit steel exports to the Community to 1.4 million tons. But at Common Market headquarters in Brussels, these steps have been viewed as too little, too late. In November, over lunch in Brussels, European Commissioner Finn Olav Gundelach warned Japanese Deputy Foreign Minister Bunroku Yoshino that Japan would have to submit a comprehensive plan to right the trade imbalance or face retaliation. The Europeans, for example, could...
...Grab. On Thanksgiving Day, Tokyo replied. It proposed to hold Japanese auto exports to Britain to 10% or less of the British market, to increase quotas on imports of European skimmed milk, butter and cheese into Japan, and to line up more Japanese importers of processed meats and retailers of imported tobacco. Most encouraging to the Europeans, the Japanese also agreed to negotiations on shipbuilding, the sorest issue of all. In the first nine months of 1976, Japan grabbed 86% of all shipbuilding contracts awarded in industrialized countries. European shipbuilders claim that the Japanese can underbid them...