By studying all the intelligence traffic and related material, the analysts in Washington now tell Marshall that “the Japanese have never succeeded in exploiting Indochina to the extent Sato envisaged, nor to the extent which has been generally supposed.” Exports from Indochina will be lower in the future because of Allied air attacks on industrial areas and the seaports, plus the submarine attacks on shipping. But “the impending drop in exports should not bring about an immediate decisive change in Japan’s overall economic position.” The report covers exports of rice, maize, rubber, coal,
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