SUNDAY. JULY 29. 1962
MEDFORD MAIL TRIBUNK. MEDFORD, OREGON
Future of Japan
Is Tied to U.S.,
Mitsui Firm Says
By CHARLES R. SMITH
United Pri International
Tokyo -UIPD- When Wall
Street sneezes, it sometimes
is said in Japan, the Ginza
catches cold.
"That's a fairly accurate
assessment of how cloaely
Japan's postwar economy is
tied to that of the United
States," said an official of Ja
pan's largest trading house,
Mitsui Co.
"It is not exactly the most
desirable situation. But It is
about the healthiest we can
expect.
"We have not suffered very
much from it so far, despite
some rather chronic com
plaints. It is not a situation
that is likely to change con
sidcrably for a long lime to
come."
Annual White Paper
In its annual white paper
on trade, the government's
economic planning agency
this year warned businessmen
to stop relying so heavily on
the American market.
Put more emphasis on de
veloping markets i n other
areas of the world, the agency
advised.
"We have too great an em
phasis and rely too heavily on
trade with the United States
as well as the areas where
economic growth is relative
ly low . . . this trend should
be corrected," the agency
said.
For Instance, the report
said, "Japan's unfavorable
trade balance last year re
sulted from the economic re
cession in the United States."
Blames Other Policies
It also blamed the "Buy
American" policy and ao-call-ed
"protectionist trends" in
the United Stated.
The agency made it clear It
was not recommending a
slowdown in sales to the
American market, which buys
from one-fourth to one-third
of Japan's exports each year.
"The report just emphasiz
es the need for developing
other markets as a hedge
against any deterioration of
the American market," ac
cording to Hiroshi Hiyama,
vice president of Marubenl
Iida company, one of the
largest trading firms In Ja
pan. The agency said "we must
also strive for the establish
ment of diversified markets
in the United States. Our
business activities have been
emphasized in the New York
and Eastern U.S. areas, thus
creating intense competition
and resulting in a move to
block our exports.
Increased Purchasing
"We must now look for
markets In other areas of the
United States, Including such
places as the North Central
Slates, the Pacific Coast and
the Southern area, where
purchasing power has been
increasing of late."
Morisaburo Seki, chief of j
the economic affairs bureau
of the foreign ministry, touch
ed on some of the trade prob-i
lems in a magazine article.
11c said J.ipali enjoys a
v ?ry favorable trade balance
- ith many countries of Asia
id Africa. But he said it was
lsky business to rely too
much on these areas because
of chronic foreign exchange
problems faced by most of
these countries.
According to Seki, It Is dif
ficult for Japan to expect any
substantial Increase in trade
with the European economic
community (common market).
And political obstacles pre
vent any big increase in
trade with Communist bloc
nations.
The development of the
common market and the
trend toward blocs in some
other areas make it impera
tive for Japan to tie its econ
omy even closer to the Unit
ed States, Seki and some oth
er economists and business
men believe.
The United States is a tre
mendous deficit market for
Japan.
In 1961, Japan purchased
$1,739,196,000 worth of goods
from the United States while
selling the Americans only
$1,054,670,000 worth, a defi
cit of $684,664,000.
Must Maintain Balance
Economic officials of the
American embassy said the
United States must maintain
a substantial favorable trade
balance because of Its tremen
dous defense commitments.
U. S. Ambassador to Japan
Dr. Edwin O. Rcischauer
went into this thoroughly dur
ing a speech earlier this year.
"I should point out in this
connection that there is a
good reason why Japan's ex
ports to the United States
should typically be exceeded
by imports from the United
States," Reischauer said.
"This is because invisible
earnings from American mili
tary expenditures, purchases
for economic aid to third
countries and the like enable
Japan to buy more from the
United States than it sells.
Special Dollar Earnings
"Such so-called special dol
lar earnings tend to keep Japanese-American
payments in
good over-all balance."
Japan's best guarantee of
future economic progress,
Reischauer said, is increased
trade with the United States.
Few dissented with the am
bassador's remark.
"There is no doubt about
It," said Mitsui officials In a
statement to UPI. "Our fore
seeable future, like our post
war past is irrevocably tied
to the United States."
) MONTGOMERY WARD
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39.95 Platform Rockers 4o.i, $29
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39.95 Box Spring T win Siit. 1 Only .-.
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32.95 9x12 Ft. Rayon Rugs lol,". $25
41.95 9x12 Ft. All-Nylon Rugs $29
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179.95 2 pc. Living Room Set U $149
352.50 9 pc. Dining Rm. Set ToX $279
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209.95 Automatic Washer,., $177
219.95 36 in. Electric Range 0Ar $177
239.95 15 cu. ft. Upright Freezer $198
229.95 1 5 cu. ft. Chest Freezer $1 88
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254.85 23 in. TV Console 2 0lr $199
489.95 Amphi.Theater:FTMv:,5r $397
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10 Yr. Guar QJ1
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66.95 52 Gal. Water Htr
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Special! Alum. Patio Doors Ft,w,dt $67
28.95 28 Ft. Ext. Ladder 7; 17.95
$89
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SnorialT Winilnui 4000 CFM
witWHIHIl IIIIIHWn WUUIGI s,, $30
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"Th Moit InUraitlng PopU I Know" by Elia Maxwell. Front
among har famous friend and xfr!tndi this noted hoiteis
lelecti the peoplt who faiclnolt htr moit,
"School Vardrobt for Pat Boont's Daughltri" by Eitelle lane
Carr. Pal Boont's daughters, oged 4'A to 8 model a back to-school
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'15 Outitlons Cory Grant Ntver Answtrtd Before" by Peer J.
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Ml MEDFORD MAIL TRIBUNE
HOUSEWARES REDUCED!
Special! Laundry Carts u0.i, 1.68
3.49 Step-On Pails All-Plaitic. 20 Only 2.88
99c Utility Pails Polytthyltna. 29 Only . . . . 66c
1.69 Slack Stools .. 99c
99c Waste Baskets ,..,... ,JOn 55c
Special! Glassware d... 1.44
4.98 8 in. Desk Fan , on,y 3.38
1.28 Latex Rubber Gloves 2 . 99c
Special! Pad and Cover Sets 66c
Palio Plates and Mugs s 1.44
1!
AUTO NEEDS PRICED LOW!
I. 29 Instant Car Wax, Cleaner 79c
3.49 Rear View Mirror BodyM.un, 1.49
5.98 Handy Spotlile ,,,, . 4.88
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EXAMPLE:
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74.50 18 in. Reel Mower UlFd. , 0,y 39.83
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89.95 18 in. Reel Mower . 69.88
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78.88 18 in. Reel Mower 49.83
144.50 3 HP Rotary Tiller $119
Used 314 h.p. Rotary Tiller ri':'! $88
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PRICES CUT! SPORTING GOODS
$18912ft.CarlopBoalA.uminum $165
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Original Pric 937.37
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