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Japanese economy in fiscal 1973 continued to show the trend of a business
upturn consecutively to the latter part of fiscal 1972, but owing to the stiffened
condition of supply and demand, and the effect of the fuel crisis, commodity
prices rose sharply (wholesail prices in fiscal 1973 rose 22.6 per cent over
the previous fiscal year, and consumer prices in fiscal 1973 also rose 16.2
per cent over the previous fiscal year). As a result, the "total demand restraint
policy" - such as rising an official rate and delaying public enterprises -
was vigorously I enforced, thereby causing the rapid slowdown of business in
1974.
Consequently, GNP in fiscal 1973 showed a nominal increase of 23.2 per cent
over the previous year, but the real increase was only 5.5 per cent. Compared
quarter by quarter, GNP in the January/March quarter of 1974 showed a minus
growth. Personal consumption expenditure in fiscal 1973 also dropped to the
lowest growth rate ever recorded since fiscal 1965, i.e., a nominal increase
of 23.1 per cent and a real increase of 6.2 per cent over the previous fiscal
year.
The trend of the balance of payments in fiscal 1973 showed the following
results: In the balance of trade, exports and imports in fiscal 1973 increased
sharply by 32.3 per cent and 80.8 per cent respectively, reflecting the world-wide
inflationary trend. Especially, imports increased so greatly that the favorable
balance of payments tumbled down to US$800 million, a mear one-tenth of the
balance against the previous fiscal year. The balance of services also showed
red figures well above the previous fiscal year, and the overall balance of
payments including the balance of capital account showed a red figure of US$13,410
million.
Reflecting such economic situations in Japan, transport activities in fiscal
1973 was sluggish except for international goods transport, etc. Domestic goods
transport in FISCal 1973 showed a decrease of 5.2 per cent in tonnage against
the previous fiscal year (compared with the 7.4 per cent increase in fiscal
1972) and a decrease of 1.5 per cent in ton-kilometers against the Previous
fISCal year (compared with the 3.2 per cent increase in fiscal 1972). Domestic
goods transport classifIed by transported item in fiscal 1973 (on the tonnage
basis) declined against the previous fISCal year with an only exception of steel,
while that classiFIed by transport facility showed declines in respect of both
railways and motor vehicles.
Domestic passenger transport showed a 3.0 per cent increase in the number
of passengers over the previous fISCal year (compared with the 3.0 per cent
increase in fiscal 1972) and a 3.9 per cent increase in passenger-kilometers
over the previous fiscal year (compared with the 4.8 per cent increase in fISCal
1972), indicating more or less the same trend as that of the previous FISCal
year.
International goods transport in fiscal 1973 showed a 21.0 per cent increase
over the previous fiscal year (compared with the 0.1 per cent increase in fiscal
1972) and international passenger transport marked a 12.1 per cent increase
over the previous fiscal year (compared with the 31.8 per cent increase in fiscal
1972). (Table 1)
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