Word: dollarization
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Dates: during 1980-1989
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With the yen so strong against the dollar, Japanese investors have been snapping up prime pieces of U.S. real estate from Honolulu to Manhattan. None of these acquisitors is quite like 36-year-old Ikuo Hiyakuta. He gobbles up entire city blocks like so much cardboard. Then he builds row upon row of houses and hotels until his rivals are driven into bankruptcy...
...Club divided up its property into three parcels, two of which are taxed commercially. The Fly Club separated its garden property from the clubhouse and parking lot, selling the land to a Harvard alumnus linked to the club for one dollar...
...taxes levied, fiscal 1988 assessment; rounded to nearest dollar Graphic/Jonathan S. Cohn...
...proved right. The gap between imports and exports widened to $12.2 billion, up from July's $9.5 billion. While the deficit has been shrinking this year -- to an estimated total of $140 billion, compared with $170 billion in 1987 -- progress may be slowing. That prospect has aborted the U.S. dollar's summer rally. The currency fell last week to 128.25 yen, capping a decline of 4% since August. The plunging dollar reflected the belief among traders that a weaker currency will be necessary to wean U.S. consumers from foreign imports...
...this term, might signal the court's attitude toward other civil rights cases this term. In one, Richmond v. J.A. Croson Co., the Justices will pronounce on an affirmative-action "set aside" plan drawn up by the city of Richmond that requires city contractors to subcontract 30% of the dollar value of their contracts to minority firms. One of the main issues is whether Richmond can impose such a plan if there is no evidence that the city itself has ever discriminated. Invalidating the plan could jeopardize similar set-aside arrangements around the country. In another case, Martin v. Wilks...