On November 12, 1962, Ōhira Masayoshi met Kim Jong-pil of South Korea in Tokyo. The two men agreed on the money Japan would provide when South Korea gave up its claims against Japan: 300 million dollars in grants, 200 million dollars in loans, and private credit of 100 million dollars or more.
The grant and loan figures reappear in Article 1 of the claims agreement that Japan and South Korea signed in 1965. According to the Encyclopedia of Korean Culture, the memo stated only the amounts and the form of payment. It said nothing about what the money was for.