The Bank of Japan has estimated the amount of new capital invested in Japan during 1937 at, Y.3,577,000,- 000, or an increase of 79 per cent. over that of 1936. Of this 19 per cent. increase, 53 per cent. was diverted into the war-time industries.
The distribution of this percentage between the five leading industries of that nature and the abnormal increase of each of these as caused by the demand for war supplies is as follows Metals, 264 per cent. increase over 1936; mining, 147 per cent. increase; machinery, 341 per cent. increase; shipbuilding, 294 per cent. increase; chemicals, 198 per cent. increase.
The two possibilities which Japan will have for avoiding economic col-
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