Word: dollarization
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Dates: during 1980-1989
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...been sent to rebels in Nicaragua. We were assured that the President knew nothing of the extra-legal deal. I don't know whether the White House is telling the truth about that; even if they are, it's no great comfort to learn that covert multi-million dollar arms deals are approved routinely, without the knowledge or consent of the Commander-in-Chief...
...only a day after Revlon's cease-fire, three more multibillion-dollar takeover bids hit the market. The Limited, a retail chain, teamed up with Real Estate Developer Edward DeBartolo to make a $1.8 billion offer for Carter Hawley Hale Stores, which operates Neiman-Marcus and Bergdorf Goodman. American Brands, a consumer-products conglomerate, made a $2.8 billion bid to take over a similar but smaller company, Chesebrough-Pond's. And Minnesota- based Corporate Raider Irwin Jacobs offered to pay about $4 billion to acquire Borg-Warner, a diversified company best known for its automotive products. The stocks of these...
...current malaise was brought on by the exceptionally strong yen, which is now valued at 162 to the dollar, up nearly 40% since its February 1985 low. The yen has also risen against some European currencies -- 15% vs. the British pound, for example. The robust yen cuts demand for Japan's exports by making them more expensive to foreigners...
...country's GNP. But this year exports are likely to fall. Shipments of color TV sets in October were down 49% from the same period of 1985, the third consecutive monthly drop. The Japan Automobile Manufacturers Association calculates that at an exchange rate of about 160 yen to the dollar, auto exports to North America will decline 28% in the year ending March...
...shipbuilder, Hakodate Dock, was once the largest employer in the city of Hakodate. Now the company has no orders at all for next year and beyond. In shipbuilding, as in steel, the most forceful challenge comes from South Korea, whose currency, unlike the yen, is pegged to the dollar. South Korea's share of world shipping is expected to climb by year's end from 10.7% to 28.4%, while Japan's portion will drop from 49% to 41%. Says Kazuichi Murai, director of planning at the Shipbuilders' Association of Japan: "It's warfare...