from Financial Timos 5/12/63
Japanese Stock Markets December Ath continued their dow.etrend and fell to a new low level for 1963, due mainly to fears that the country’s balance of payments might bogin to dotoriorate scon, necessitating a credit HQUCOZ6seecee Or sone time government officiels mi oconomists have bean divided-over the acsesamant of current econoriic conditions in Japen,
Sone economists rapert that Finance Ministry officials in compiling the Dudget for the next financial year (April to March), discovered that industrial production was at a level 14% higher than last your against the prodictod pace of &. They found inventories were also increasing, while the whole sale price index for Octobor was 3.37 higher than a yoar provicuslys If the present trends are allowed to take their natural course, Japan's gold and forsign exchange reservoswiich were only slightly above $1,900q. at the ond of November, might fall telow $1,800m, by the end of March 1964, because the first quarter is normally ao heavy import saason.
Japan's gold and foreign exchange reserves at the end of November totalled $1,91lm. tho Ministry of Finance announced, ‘The Ministry said this declino of $llm. from a month earlier was due mainly to an inereased outflow of short=term capital such as"Baro-dollar".