AN ECONOMIC PEARL HARBOUR

An Economic Pearl Harbour ~ 221 ~ of weapons. But after witnessing the destruction they caused, it relinquished their use and set about reconstructing the country along entirely peaceful lines. Having once adopted this course, the Japanese showed great versatility resilience and assiduity and their success has been such that Japan is now considered the second greatest industrial power in the entire world today. Its trade surplus is 37 billion dollars, more even than that of the U.S.A. In the field of industry the victors have been defeated by the vanquished. Simply by accepting the fact that aggression could not pay dividends and then channelizing its potential within the field of industry, Japan has managed quite miraculously to supersede all the other nations of the world. The Americans are greatly upset at this state of affairs and refer to the present ‘invasion’ of Japanese goods as an Economic Pearl Harbour. A book recently published in America, under the title of “Japan-Number One”, has become a best-seller. It clearly shows that Japan has far outrun the U.S.A. in business and will soon supersede Britain. So far as foreign exchange is concerned, Japan is the wealthiest country in the world, its foreign