Historical Dictionary of United States-Japan ... - Bakumatsu Films

70 • COTTON CREDIT
COTTON CREDIT. In 1951, the Export–Import Bank of the United
States (EIBUS) decided to provide Japan with $765 million in credit
for 13 years for purchasing U.S. cotton. The first cotton credit was
awarded in December 1951. The EIBUS continued to provide cotton
credits until the arrangement came to an end with the 14th and last
credit offering in July 1964. The first 10 blocks of cotton credit were
handled by the Bank of Japan and the last four blocks were handled
by the Tokyo Bank. The U.S. goal in this credit arrangement was to
promote exports of U.S. cotton by providing Japan and other countries
with the financial assistance to purchase cotton. The first block
of cotton credit awarded Japan in December 1951 was valued at $40
million. Another block of $40 million was given in May 1953 followed
by $60 million in December 1953. These initial three credit
blocks, which functioned as revolving funds, helped to improve
Japan’s foreign exchange situation. Japan also concluded the fourth
cotton credit with the sum of $60 million in August 1954. Throughout
the 1950s, the overall impact of these credits aided in facilitating
Japan’s economic growth. The agreement also assisted Japan’s shipping
industry by stipulating that, in principle, cotton shipped from the
U.S. to Japan should be handled by either U.S. or Japanese cargo
ships (though not less than 50% of cotton cargo was to be handled by
U.S. ships).
CRIMINAL EXTRADITION TREATY BETWEEN JAPAN AND
THE UNITED STATES. When an alleged criminal flees abroad,
where Japanese national sovereignty has no authority, the investigative
authorities cannot arrest that person. Consequently, Japan makes
treaties with foreign countries concerning criminal extradition. The
Criminal Extradition Treaty between Japan and the United States became
effective in March 1980. Following the conclusion of this
treaty, the Japanese government enacted a Law on Extradition. When
Japan is requested to extradite a foreign fugitive staying in Japan, the
request would be forwarded along with related papers from the Ministry
of Foreign Affairs through the Tokyo High Public Prosecutors’
Office to the Tokyo High Court. This court will then examine
whether it is appropriate or not to extradite the alleged criminal. Unless
the alleged criminal has Japanese nationality or may be involved
in a political crime, the Tokyo High Court in principle approves of