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Japanese Sterling

Volume 496: debated on Tuesday 26 February 1952

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asked the Chancellor of the Exchequer what action he proposes to take as a result of Japanese foreign exchange regulations, which came into force this week, restricting exports to the sterling area because of the £85,000,000 accumulated sterling balances.

A joint review of the payments relationship between Japan and the sterling area is to be held early next month; consideration will no doubt then be given to the various problems arising out of Japan's sterling accumulation.


asked the Chancellor of the Exchequer what steps he is now taking to realise the sterling pre-war debts of Japan, in view of the recent breakdown in trade negotiations over steel because of Japan's claim that she holds too much sterling; and how much of these debts are convertible into dollars.

As my right hon. Friend the Minister of State for Economic Affairs explained in reply to a Question by the hon. Member for the Cities of London and Westminster (Sir H. Webbe) on 11th February, the settlement of Japan's sterling pre-war debts is primarily a matter for negotiation between Japan and her creditors. I am, therefore, not in a position to answer my hon. Friend's questions about these debts.