TOPICS OF THE DAY
Japans Real Objective “Though Japan’s ostensible reason for blockading the British and French Concessions is a dispute over judicial authority, her real object is largely financial. The Japanese are determined to end a position whereby they have been hoist with their own petard,” says the London correspondent of the Yorkshire Post. “To assist their trade they produced a new Chinese dollar linked to the yen. In the International Settlements of Tientsin the big financial houses, knowing the shakiness of the yen, refused to change the new dollar at more than 60 per cent, of its face value. With the new dollar, however, they have been buying Japanese goods and services. The Japanese cannot refuse to accept their own dollars, and thus are forced to accept a 4U per cent, loss on every transaction.
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Bibliographic details
Waikato Times, Volume 125, Issue 20891, 24 August 1939, Page 8
Word Count
137TOPICS OF THE DAY Waikato Times, Volume 125, Issue 20891, 24 August 1939, Page 8
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