Joining the Club

As one of the world's leading indus trial nations, Japan has smarted at be ing kept out of the exclusive club of industrially advanced countries: the Organization for Economic Cooperation and Development. Started after World War II and reorganized under its pres ent name three years ago, the O.E.C.D.

has kept a strictly Atlantic membership -- 18 European countries, plus Canada and the U.S. Japan was denied full membership because it would not per mit easy entry of foreign business into its economy, kept tight restrictions on international financial transactions and repatriation of capital. The Japanese desire for an equal voice in the councils of the free world's industrial nations became too much, and in recent months Japan has begun freeing its restrictions on capital flow. Last week the O.E.C.D.

Council voted to invite Japan into the club as the first Asian member.

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