Japan

Press, Volume CIX, Issue 32253, 23 March 1970, Page 16

Japan

Sir, —With regard to the incredible 16 per cent increase last year in the Japanese gross national product there was some other factor or factors besides imagination, hard work, quiet punch, and guts responsible for this upsurge. Having lived in Canada and America as well as Japan

1 can assure your readers that Canada and America have no shortage of people with imagination, a fondness for hard work, and punch and guts as well as know-how and modern technology, where your workmates discuss the events regarding the day work all the way home in the street car. The Japanese are no different in this respect, the chief difference being that, with these aforementioned traits, plus progressive ideas, they can readily borrow money at low interest rates from the Import-Export Bank of Japan. —Yours, etc., JOHN FORSTER. March 19, 1970. [“Readily” is a relative term. Mr Forster gives no details of the extent of these “low-interest” loans. In fact, the Japanese economy is founded on a managed monetary system similar in nearly all respects to those of the chief western nations, except that the periodical contractions of credit to damp down inflation have been imposed with a ruthlessness that would hardly be possible in most western countries.— Ed., “The Press.”]

Sir, —The letter in this morning’s issue of “The Press” is just what one would expect from “P.J.A.” Mary McKay wrote about industrial strikes and how they affect the economy of the country. It is perfectly true Japan has had very little industrial trouble. There have been demonstrations and this is where P.J.A. shines. — Yours, etc., JOHN CITIZEN. March 20, 1970.