Word: dollarization
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Dates: during 1980-1989
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...Japanese imports. Yet Hilliard has praise for the management methods of his employer. Nissan's profits in Smyrna are down, he says, because "parts from Japan cost much more than they did one year ago" as a result of the rising exchange rate of the yen against the dollar. "But job security is one of the things the company stressed when I started in 1981, and Nissan is trying to keep its promise and keep everybody on. If I had been at Ford, Chrysler or General Motors, I would probably have been in the streets...
...domestic microchip market. Partially in response to the specter of trade confrontation, the Dow Jones average of 30 industrial stocks sank 57.39 points as the week began, its third worst plunge in history. Yet the amazing 4 1/2- year bull market in stocks, fueled in part by billions of dollars in Japanese investment money, recovered quickly, and the Dow closed the week at 2390.34, a record. In Tokyo money markets, the price of the U.S. dollar slumped to a doleful 144.7 yen, the first time in postwar history that the greenback was worth less than 145. Only 15 months...
CAPTION: SKYROCKETING YEN. % increase against dollar since...
...factor that has had the greatest single impact on Japanese trade is the skyrocketing value of the yen, which has risen 60% against the U.S. dollar since September 1985. The steep rise in the yen has helped push the Japanese economy into a trough. The change in currency value was expected to help correct the trade imbalance by making U.S. exports to Japan cheaper and Japanese exports to the U.S. more expensive. Finally, after long and frustrating delays, there are signs that such changes are slowly coming about. The Japanese claim their U.S. imports last year rose by almost...
Last week a painting was sold at auction in London for $39.9 million or, in real money, some 5.8 billion yen. This was the highest price ever paid for a work of art. The multimillion-dollar marvel is now a commonplace of the '80s: a Turner went for $10 million in 1984, a Mantegna for $10.4 million and a Van Gogh for $9.9 million in 1985, and a Rembrandt for $10.3 million and a Manet for $11 million in 1986. Nevertheless, this one brought in more than three times the previous record established in 1983 with the sale...