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Middle East Foreign Policy / Japan / United States Repercussions #226366

CBS Evening News for Friday, Nov 23, 1973
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(Studio) Under Arab oil embargo pressure, Japan switches to pro-Arab stance in hopes of getting Arab oil. United States State Department sympathetic but insists Mid. E. peace settlement to be more difficult with Japan's new policy. Jewish organizations call on Japanese ambassador to Washington, DC to warn Japanese, US relations could be damaged by Japan's actions. Such repercussions could hurt Japan.
REPORTER: Walter Cronkite

(NYC) Japanese on buying spree in US. Japanese soy sauce production in US big business. For.-owned inds. in American double in past 4 years and Japanese investments increase faster than those of any other country [President Takara Barber Chair Limited Isson INNOUYE - says Japan has no natural resources. For. investment best bet for Japanese with money.] [Takara plant manager Bob PITCHER - recalls Japan's decision to buy Takara and fear of personnel change scared Americans working in plant. No resentment against Japanese exists now because American personnel allowed to remain.] Japanese haven't gained dominant interest in any American industry Fontainebleau horse farm in Kentucky bluegrass country also owned by Japanese. Rate of foreign investment upsets some Congmen. [Representative John DENT - believes incrd. foreign investment can lead to subjugation under someone else's controls.] For. invasion conts., however, till restrictive legislature brought before Congress
REPORTER: Morton Dean

Reporter(s):
Cronkite, Walter;
Dean, Morton
Duration:
00:05:20

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