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Japan, whose economy had been expanding on the strength of private demand
since the latter half of FY 1978, achieved a real GNP growth of 6.1% in FY 1979
over the previous year. This was the highest growth since the recession caused
by the first oil crisis in 1973. The exchange rate of the yen, however, continued
to decline throughout FY 1979, because the rising oil prices drived up commodity
prices and Japan's balance of payments deficit continued to expand.
With regard to domestic transportation in FY 1979, both passenger and freight transposition set the highest records in terms of passengers, passenger-kilometers, tons and ton-kilometers. In international transportation, the passenger sector showed a larger growth than in the previous year, whereas the freight sector, which had not fared well the year before , showed an increase in both imports and exports. (See Table 1)
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