Word: yen
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According to the Fascist Press Japan, by "unfairly" reducing the value of her yen, has created a "destructive" cut-price situation which the U. S., Europe and Soviet Russia should meet by "economic sanctions" against Japan. Fascist editors strongly hinted that Il Duce aspires to lead the West in organizing such a policy...
...after another M. P.'s from Britain's stricken manufacturing districts damned Japan for dumping, for forging British trademarks, for sweeping many a British cargo boat off Far Eastern seas by debased yen competition. To champion Japan uprose only one M. P., that doughty Gladstonian Liberal. Sir Herbert Samuel, who lately led 33 Orthodox ("Free Trade") Liberals across the House from the Government benches. In his first opposition speech, Sir Herbert confined himself to cotton. Japan's commercial advantage in that field, he said, results from a well organized cotton textile industry "with which slipshod British methods...
...threats from Japan's militarists had any effect on her strong-minded gold miners. They continued to smuggle, to hoard. Last week the Government loosened up a little. With gold worth around $33 per ounce in Manhattan and London the legal price in Tokyo was raised to 9.94 yen per momme (equal to 3.75 grammes) which worked out that day at $25.81 an ounce...
Since this was still far below the World price, Japanese mine owners were unimpressed. "The Japanese gold price," announced bleary-eyed old Finance Minister Takahashi, "will be revised once each two weeks." Since the Government seemed to have no idea of controlling Japanese prices or the value of the yen by its purely academic price fixing, foreigners in Tokyo told each other knowingly, "Well of course the Japanese are an imitative people. They enjoy making the motions...
...possible to the gentle, astute old man who was called "the Prime Minister of the Mitsui Empire," Baron Dr. Takuma Dan. Patriots assassinated Dr. Dan (TIME, March 14. 1932), partly because he was supposed to have made too much money for the Mitsuis by selling Japan's yen short before it was taken off gold. Ever since Mitsui short-selling was exposed the various young patriots tried in Japan for assassinating Pacifist Premier Ki Inukai (TIME. Aug. 7, et seq.) have interlarded their pleadings in court with passionate, often random denunciation of "the traitorous Mitsui!" As a result...