The Ministry of Finance decided to use the newly-established foreign ex-"change revolving fund to purchase Taw materials abroad, including raw cotton and wool on an import-export linking system.
The fund was set aside by the Finance Ministry with part of the gold holdings of the Bank of Japan to increase imports of raw materials Used for manufacturing export goods.
Procedure in utilizing the fund was discussed by officials of the Bank of Japan and representatives of eleven foreign exchange banks yesterday afternoon, The Bank of Japan announced the lifting of a time limit on future trans actions in foreign exchange, which Nnonths.
far had been restricted to three
"Japan's foreign trade for the last ten days of this month resulted in a favourable balance of Y.13,470,000, "with exports reaching Y.89,903,000 and imports amounting to Y.76,433,000, the Finance Ministry revealed today.—Domei.
Text read from the printed page and cleaned; old type leaves the occasional error.