Trade: A Necessity for Japan

Cohen, Jerome B.
January 1955
New Republic;1/24/55, Vol. 132 Issue 4, p17
The article focuses on economic conditions in Japan. When Japanese diplomat Prime Minister Shigeru Yoshida's economic policies were just beginning to take hold and produce results, his exit cue came as Premier of Japan. When Yoshida, under the U.S. pressure, introduced his austerity program at the end of 1953, he took a calculated risk. The risk was that the resultant increase in unemployment and small business failures would multiply his political enemies. The calculation was that the consequent leveling off of prices, lowering of costs, expansion of exports and better balance of payments position would result in a substantial loan from the U.S., which would keep Yoshida in power.


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