Saturday, July 28, 2007

Watch out for Yen! - Part 2

Lat's cartoon best illustrated Japan's wealth and its superiority in economic influence - regionally as well as internationally.

It showed Mr. Ohira arriving at KL Subang International Airport on an official visit to Malaysia. At the airport welcoming him was Tun Hussein.

Standing tall and holding up his head, Mr. Ohira had a bit of stuck-up look - not surprising because Japan's superior standing in terms of economic power had raised its status everywhere.

Shocking to Mr. Ohira's counterpart in Malaysia was his lighting up cigarette using a burning Yen note - in fact it was so striking that Tun Hussein raised his eye-brows.

Wow! What a perfect illustration of the richness of Japan in cash.

In 70s and 80s, Japan's quick rise to a rich country status put it in a position to give out aid to developing countries in technology - transfer and Yen -denominated soft loans. Malaysia was one of the benefiting countries.

Mr. Ohira's visit to Malaysia was to finalise certain soft loan packages - and no wonder Lat's humorously depicted him to show off in such an excessive manner.

Japan also used enormous Yen to make inroads into developed countries like U.S.A. The takeover of Rockefeller Center shocked Americans to the extent that they became wary of Japanese, thinking they might threaten the United States. So Americans schemed for the appreciation of Yen to fend off the probable threat.


traveller said...

I think you meant Ohira, who died in his office before finishing the term.

Tony Hii said...

My regret for erroneously quoting the PM's name of Japan. My apology goes to all those concerned. I have edited my posts accordingly. Thank you, traveller, for taking your precious time to point out. Tony Hii