Our 288 of 31st October. At 44th meeting of Allied Council Chairman asked Shaw for detailed suggestions as to how yen exchange rate might be established.
2. We have advised Shaw along following lines and have asked him to discuss fully with U.K.L.M.  as time factor precluded consultation with you before 45th meeting on 12th November.
(A) Allied Council is not appropriate body to discuss technical aspects such as would be involved in instituting exchange rate;
(B) Establishment of yen exchange rate is matter of basic policy and is thus matter for F.E.C. Washington is most appropriate place for examination of technical details;
(C) If called on to make further statement at 45th meeting he should, while maintaining general principle that rate should be established as soon as possible, suggest that members of Council should not be expected to go into technical detail and that the whole question should be referred, from point of view of general principle and technical detail, to F.E.C.
3. It occurs to us that you may wish to take initiative in raising question in F.E.C. We would appreciate your views.