Balance of Payments Crisis in Japan

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We hear mich about the 'West German miraclet in thee@onomic field, but since the end of the war the recovery and subsequent rate of growth of the Japancse economy is even more remarkable. For several years a rate of 10-11% increase was achieved,a rate only achieved in the workers! states. On the basis of massive U.S, investment, the vast internal market created by the post-war agrarian reform and the vast reserves of labour which help to koep down wages even in a time of boom the Japanese economy has surged forward, but now the same laws arising from the contradictions of capitalism are beginning to make themselves felt. There is a close parallel between Germany and Japan (with the refugees supplying the vast reser— ves of labour in the W. Geuman case) and we can perhaps see a little of W. Germany's future by looking at Japan today.