The improved quotations for Japanese bond issues in London, and New York, which have been recorded within the last few days, give added significance to news which has recently been coming out of Tokyo. On Wednesday the Japanese Emperor took over direct command of the Japanese Army Headquarters in what is believed to be a move for the purpose of securing closer military collaboration with Prince Konoye's Cabinet, which, it is reported, is endeavouring to keep Japan out of war, even if it means loosening the ties with the Axis. The Cabinet was given the high distinction of lunching with the Emperor which is interpreted as conveying implied approval of the Cabinet's attempt to solve Japan's problem of keeping out of hostilities. His Majesty's assumption o? the office of commander-in-chief of the Japanese Army can reasonably be regarded as a means of securing control over the military extremists who are bound by a personal loyalty to the Throne, and it is thought that, because of that, they will now accept decisions which otherwise they might oppose.
It is not too optimistic to believe that there has been something in the nature of a betterment in the relations between Japan and the United States. It may not at present be great, but every move which tends to maintain peace in the Pacific is more than welcome. The talks which are proceeding in Washington indicate that the United States Government holds the view which has been consistently expressed in these columns that there is no problem in this part of the world which cannot be settled without resort to the sword. Present conversations are described as purely exploratory, but, if they result in some agreement in principle which can form the basis of further negotiation, a considerable step will have been taken toward the establishment of better relations between Japan and the United States than have unhappily existed up to the present. In the circumstances what appears to be the personal intervention of the Emperor is of the highest importance and may have considerable influence on the future trend of events.
But it must not be believed for one moment that the pathway towards establishing a better all-round understanding will be an easy one to follow. At present American and Japanese views regard to the Pacific fare so wide apart that it is difficult to see how they can be reconciled without one side or the other receding from the positions they have taken up. What is clear is that President Roosevelt cannot and will not abandon the policy which he has enunciated with regard to Far Eastern matters. Neither for that matter will Great Britain, but it may be possible to persuade Japan so to reorient her policy as to make a better understanding all round possible. Her adherence to the Axis is unnatural. There was no valuable consideration afforded Japan for the support which her sid, Uure to the Tripartite Alliance gave we designs of the other Axis partners. Japan might be able to help and in the circumstances it is difficult to them, but they certainly cannot help Japan, imagine a more one-sided bargain.
The fallacious argument has been urged by those extremist elements, which have plunged Japan into so many heavy commitments, that the Axis interests run parallel with those of the Japanese. Nothing is further from the truth. Japanese ambitions with regard to the southern Pacific run absolutely counter to those of Hitler, for a victorious Germany, the industrial centre of Europe would require access to precisely the same raw materials as does Japan, and if the latter sought to hold them exclusively there can be no doubt that there would be a clash between the two countries. It is clear then that the way to peace does not lie through an Axis victory, but rather in success for the democracies, and the negotiation of an economic modus vivendi giving all nations equal access to the world's raw materials, and breaking down the narrow nationalisms which, almost as much as Hitler's insane ambitions, did so much to bring about the present struggle. The intervention of the Japanese Emperor is a most statesmanlike action, and it is hoped that it will meet with the success it merits
Text read from the printed page and cleaned; old type leaves the occasional error.