Abstract
As Japan’s occupation administration, GHQ’s initial policy goals were the dismantling and demilitarisation of Japan’s military infrastructure. The intensification of the US-Soviet Cold War was reflected in a subsequent shift of priorities towards the reconstruction of the Japanese economy. In December 1948, GHQ directed the Japanese government to implement “Nine Principles for Economic Stability.” Joseph Dodge was sent to Japan as financial adviser to the Supreme Commander for the Allied Powers (SCAP) to carry out these principles. He developed the so-called “Dodge Line” policy, which was designed to curb inflation through specific measures, including, amongst others, the maintenance of a balanced budget, the abolition or reduction of government subsidies, and the prohibition of bond issues by the Reconstruction Finance Bank.
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Ifo Institute for Economic Research., Sakura Institute of Research. (1997). Exchange Rate Changes. In: A Comparative Analysis of Japanese and German Economic Success. Springer, Tokyo. https://doi.org/10.1007/978-4-431-65865-8_15
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DOI: https://doi.org/10.1007/978-4-431-65865-8_15
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