• Short Summary

    With the Tokyo Economic Summit due to start on Thursday (28 June), Japan's Prime Minister Masayoshi Ohira is expected to have to face criticism about his country's growing trade surplus with Western Europe and the United States.

  • Description

    With the Tokyo Economic Summit due to start on Thursday (28 June), Japan's Prime Minister Masayoshi Ohira is expected to have to face criticism about his country's growing trade surplus with Western Europe and the United States.

    SYNOPSIS: Japan's economy has recovered dramatically since collapse after the Second World War. Now, it is second only to the United States. There are many economic reasons for the rapid recovery, but there's another, unique factor - the attitude of the Japanese workers. Many display company loyalty and a willingness to accept discipline foreign to their wester counterparts.

    Japan's growing share of world trade now stands at about eight and a half percent. One reason for continuing trading success had been the ability to change emphasis on the type of goods exported. In 1960 almost half Japan's exports were from light industry...with textiles as the leading single export. Now, it is heavy industrial goods that provide the wealth. Japan's present success is based on automobiles...which make up 15 percent of exports. The switch from clothes to cars reflects the rapid adjustment Japan has made to cope with changes in world demand.

    The steady and increasing flow of exports from ports like Yokohama has been good for Japan's economy; but governments in countries that are bulk-buying Japanese goods are showing growing concern that the trade is becoming too one-sided. They want to see Japan either cut down the amount it exports, or better still, buy more of their goods. Various governments who have been saying this for the past decade are now looking to Japan to come up with positive action.

    From the United States, President Carter will be able to point out Japan's 11.6 billion dollar trade surplus last year...and to growing pressure from Congress to protect the American economy by restricting Japanese imports.

    On the money markets, the Japanese Yen has jumped in value to become one of the world's strongest currencies...reflecting the large trade surpluses of the past two years. Its rise in value, especially towards the end of last year, caused certain alarm and now some economists want to see international co-operation to prevent any future disorder.

    For Mr. Ohira there's also the prospect of criticism from the EEC, with which Japan has a large trade surplus. The EEC Commission President, Roy Jenkins, is to attend the summit; probably to repeat a view like this, made in Tokyo two years ago.

  • Tags

  • Data

    Film ID:
    VLVA11F3TASZEY3UGWJF56DWZYTBK
    Media URN:
    VLVA11F3TASZEY3UGWJF56DWZYTBK
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    22/06/1979
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:03:11:00
    Time in/Out:
    /
    Canister:
    N/A

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