In Japan, the boom tide was receding and the nation's economy was touching its keel in the shallow waters of inflation. For three years, the war in Korea had made work for millions of Japanese, spelling the difference between profit and bankruptcy for hundreds of Japanese firms. U.S. military purchases, and spending by U.N. soldiers on leave from Korea or stationed in Japan, more than made up for the annual deficit in Japan's foreign trade. In the big cities, fishtail Cadillacs, gaudy nightclubs, air-conditioned office buildings and huge geisha parties reflected the boom.
Even three years ago, Japan's prices were...
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