Part Two: The Narrowing Japanese -United States Productivity Gap -as Related to the Yen Revaluation

Kenzo Yukizawa

Japanese Economy, 1973, vol. 1, issue 4, 48-62

Abstract: I would like to expand the suggestion given at the end of Part One. Professor Samuelson of the Massachusetts Institute of Technology, who recently visited Japan, referred to President Nixon's statement on American dollar defense policy, in which the President took "international speculators" to task for the dollar problem, and observed that there had been a more basic problem than that in the cessation of gold-dollar convertibility. This "basic problem" provides the theme of Part Two. In a special presidential message concerning international payments, delivered in the spring of 1970, President Nixon put forth American dollar defense as a plan to improve the American balance of trade by controlling inflation. In short, he was trying to define the dollar problem as a result of international speculation or a cyclical or monetary problem of inflation and recession.

Date: 1973
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DOI: 10.2753/JES1097-203X010448

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