Foreign Relations of the United States, 1969–1976, Volume XXXI, Foreign Economic Policy, 1973–1976

11. Letter From the Japanese Ambassador to the United States (Ushiba) to Secretary of State Rogers¹

Washington, undated.

Dear Mr. Secretary,

The following message was received from Tokyo at 7:30. February 12th, 1973, Washington time:

“Yen will float for the time being. At the time when the domestic situation allows it, particularly after the finalization of the budget of the fiscal year 1973 in April, the central rate of yen against U.S. dollar will be revised to Y264 : $1.”

This rate would mean a revaluation of yen against U.S. dollar of more than 8 + 8 = 16%, and nearer to 17%, and was decided personally by Prime Minister Tanaka.

It is urgently requested that this matter be kept strictly confidential by the U.S. and European countries concerned.

Please let me know as soon as possible your government’s view, so that I can advise Tokyo promptly.

With best regards,

Yours sincerely,

N. Ushiba

1. Source: National Archives, RG 59, Office Files of William P. Rogers, 1969–1973, Entry 5439, Box 25, WPR–Foreign Economic Policy. No classification marking. The letter is handwritten. Ushiba enclosed the letter in an envelope that he addressed by hand to Rogers and marked “Strictly Confidential.” Attached is a note that indicates the letter was delivered on February 12.