JAPAN: The Retreat Begins

"Economically and socially, it is not an exaggeration to say that Japan now faces a historic turning point." So said Premier Kakuei Tanaka at the opening of the Japanese Diet early this month. He was not exaggerating. Since then, Japan's economic crisis, created by the energy shortage, has only grown worse. As Japan Times Editor Masaru Ogawa brooded editorially, it may turn out that "the Japanese economic giant has only feet of clay." Moreover, the political repercussions threaten to engulf Tanaka himself, and even raise the worrisome specter of a resurgence of...

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