Abstract
The period of seven years from 1949 to 1956 in Japan was one of remarkable prosperity. Although Japan had not recovered by 1949 to the level of her best pre-war years, it is logical to take that year as a strong point of comparison, inasmuch as the post-war inflation had been more or less arrested by the begin? ning of that year and the single exchange rate system was introduced in April 1949 (at 360 yen to a dollar) and has since been maintained without much difficulty. A cursory review of major economic trends of these seven years reveals the remarkable rate of expansion. (1) The index of manufacturing production rose from the level of 68.9 (1934-36 average as 100) in 1949 to 189.4 by 1955 and to 231 by 1956. This implies an annual cumulative rate of increase of 18 per? cent. It will be difficult to find in the annals of in?
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