Abstract
The statisticians in Tokyo have made it official: Japan's economy last year shrank almost 2% in real terms compared with the year before. Chemical production fully reflected the contraction. Among the top 50 chemicals produced in Japan, two thirds of them showed either zero growth in tonnage output or actual declines of 1 to 18% compared with 1973. Synthetic rubber, man-made fibers, thermosetting resins —all saw a sharp decline in output. A few lines, mainly chemical fertilizers, pharmaceuticals, and food packaging materials, enjoyed continued high production levels without the problem of mounting inventories. For much of Japan's chemical industry, first-half 1974 showed few signs of recession. Production remained higher than year-earlier levels through April. Despite administrative price controls, applied to key commodity chemicals and polymers in March and not completely removed until August, the fiscal year that ended in September shaped up as one of earnings recovery for almost all major chemical firm...
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