STERLING TRADE WITH JAPAN
BRITAIN SIGNS NEW AGREEMENT
(Rec. 11.30 p.m.) TOKYO, August 31. Britain to-day signed the sterling payments agreements, paving the way for expanded trade with the sterling area. At the same time the Supreme Commander of the Allied Powers (General Ridgway) announced that he had authorised Japan to assume control from to-morrow of sterling funds in the trade accounts.
This ends the old payments agreement under which Japan had the right to convert sterling balances into dollars. After October the Japanese Government will be fully responsible for regulating her foreign exchange account in international trade.
The new pact operates immediately for one year. It provides for the settlement in sterling of payments between residents of Japan and the sterling area. During the period Japan will have opportunities to develop multilateral trade. The announcement of the agreement said that apart from the direct commercial advantages that Japan and the sterling area would derive, the satisfactory conclusion of this agreement would undoubtedly have a beneficial effect upon the harmonious development of British-Japanese relations in general.
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Press, Volume LXXXVII, Issue 26515, 1 September 1951, Page 7
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176STERLING TRADE WITH JAPAN Press, Volume LXXXVII, Issue 26515, 1 September 1951, Page 7
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