JAPAN'S IMPORTS
NEW EXCHANGE RATE TO PREVENT SPECULATION (Received January 23, 10 a.m.) TOKIO, January 22. A new ordinance fixes the exchange at 4d (?14d) to the yen and makes a settlement of import accounts at the discretion of the Ministry of Finance. It is aimed solely at speculative imports. A message from Tokio on January 8 said that a decree tightening up the regulations governing foreign exchange places practically the entire import trade under official control until July 31, when the import season usually has ended. The ordinance is designed to prevent a weakening of the yen by speculative purchases of merchandise abroad. Bankers are not yet able to estimate the' extent to which the complicated regulations will impede business. Importers are hostile to the regulations and consider their freedom to buy raw materials will be hampered, while Japanese industry may suffer as world prices are rising. Officials state that the Government intends to maintain the yen'at 14d. The ordinance is aimed solely at stabilisation and will be carefully administered. __________
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Evening Post, Volume CXXIII, Issue 19, 23 January 1937, Page 9
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171JAPAN'S IMPORTS Evening Post, Volume CXXIII, Issue 19, 23 January 1937, Page 9
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