3.

Japan joined the World Bank in 1952, the year following its signing of the San Francisco Peace Treaty. Between 1953 and 1966, Japan borrowed funds totaling US$863 million; repayment of these funds was completed in 1990. In the 1950s, Japan allocated the funds to the steel, automobile, and shipbuilding industries, and to electric power development, including dam construction. In the 1960s it concentrated mainly on the highway and transportation sectors. This financing by the World Bank contributed to more than hard infrastructure development. For example, as a result of financing obtained from the World Bank for construction of the Tokai bullet train (Shinkansen), Japan's railroad engineers were able to study subjects such as scientific project analysis, cost-benefit analysis, and railroad ticket price setting − fields extending beyond the narrow framework of railroad infrastructure to include the development of a national railway system.