Japan's Postwar Economic Recovery and Anglo-Japanese by Noriko Yokoi

By Noriko Yokoi

Ever when you consider that Japan's financial system recovered within the Sixties, students were trying to find the explanations for its meteoric postwar good fortune. beforehand, a lot learn has been in line with the examine of Japan's society, its political and financial infrastructure, and its specific version of capitalism. yet now that American and British govt records from the Fifties were published, it emerges that the us - as a part of its chilly struggle monetary and armed forces process in East Asia - performed a wide half in aiding Japan out of its financial problems, while Britain's position turns out to were extra ambivalent and circumspect. This ebook units out to rectify the inability of complete examine into Anglo-Japanese alternate kin from the past due Forties as much as the early Sixties, and to check the effect of cultural ameliorations and perceptions on international relations, in addition to the impact of winning political issues just like the chilly warfare. This e-book highlights the ebbs and flows in bilateral family members as Japan elevated its fiscal and fiscal presence in Southeast Asia and Britain retreated politically and economically from its Empire within the East.

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Extra info for Japan's Postwar Economic Recovery and Anglo-Japanese Relations, 1948-1962 (Routledge Studies in the Modern History of Asia)

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The events of 1950 had several consequences for the United States’ attitude towards the region. First, America’s perception of a communist threat shifted from a Soviet threat to that of a Chinese threat. Second, there was a growing conviction that if the United States did not intervene in the various wars in the region, Chinese communists would overrun all of Southeast and East Asia. Other consequences of the Korean War were the signing of a liberal peace treaty with Japan in September 1951 and the introduction of the Mutual Defense Assistance Control Act of October 1951.

This was an extension of Britain’s sterling policy of the early 1950s, when British policymakers thought that sterling could still provide a viable alternative to the dollar bloc. If one looks at Britain’s overall sterling policy, it is understandable that with mainland China lost to Western trade after 1950, it was obvious that Britain should look for another anchor in East Asia to help the expansion of sterling in the postwar world. A country like Japan was also important because expanded trade relations between Japan and the sterling countries in the region would facilitate a reduction in the sterling balances of countries such as India, Pakistan and Ceylon.

10 The arguments for shifting Japanese trade to a dollar basis were: EMBARKING ON THE STERLING PAYMENTS AGREEMENT 33 • Maximum transferability both within and without the Sterling Area and convertibility to dollars. • Optimum competitive advantage in selecting and obtaining imports of critical raw materials from Sterling Area countries, several of which had direct or indirect preferential arrangements to maximise the export of desirable goods to hard currency areas. • If Japan’s trade shifted to a dollar basis, the United Kingdom would find it most difficult to influence Japan’s trade with other areas, and would have only a limited ability to influence her trade with the Sterling Area.

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