JAPAN: Tottering Yen

Something Japanese militarists would rather not think about was held up to their noses last week: the provisional budget for 1933-34. Squint as they might, the Cabinet of white-haired Premier Viscount Saito could not get away from two facts: Japan is faced with the biggest budget and the biggest deficit in her history. Expressed in yen at par the new budget is to balance at $1.100,000,000—a figure staggering in small Japan—with an expected deficit of $450,000,000.*

Of her towering budgeted expenditures Japan's Army & Navy will absorb...

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