Lot 54D423
The Prime Minister of Japan (Yoshida) to the Consultant to the Secretary (Dulles)
Dear Mr. Dulles: For fear that I might not have made myself clear enough regarding a possible U.S. loan to Japan, which I mentioned to you when you were in Tokyo, I am writing this letter on the same subject.
As you are aware, my government has been stressing to the people the vital importance of cooperating with America politically and economically to the fullest extent. On the other hand, we have certain elements, not necessarily Communists, who carry on vociferous propaganda to misrepresent U.S. intentions for the purpose of obstructing Japanese-American cooperation.
Actually, there is much to be done to build up a common economic front as well as a common political front between Japan and the United States. For example, we are anxious to supply America with such critical materials as copper and aluminum as much as we can, partly as a means of earning dollar exchange for ourselves and partly as our share of contribution to the collective security of the free world. But we are faced with a serious shortage of electric power. Though hydro-electric power sources exist here in plenty, we lack capital which is needed immediately and urgently for the development of these sources. A loan from the United States would kill two birds, one political and the other economic, with one stone. It would demonstrate in a dramatic and unmistakable fashion American intentions and policy toward Japan.
I believe the very news, even unconfirmed, of such a loan being considered in Washington would produce a salutary psychological effect [Page 1466] and help consolidate the common front between Japan and the United States.
I earnestly solicit your understanding and your assistance toward the realization of this loan.
Yours sincerely,