Word: dollarization
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Dates: during 2000-2009
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India has been trying to build toward 10 million foreign tourist visits in 2010, the year New Delhi hosts the Commonwealth Games. It is an ambitious goal: this year's statistic is just about half that. The 'Incredible India' campaign, launched in 2002, has spent millions of dollar advertising India as a land of great diversity, offering beaches and ski slopes, teeming with man-made and natural wonders. Last year foreign tourists spent over $10 billion in the country. But since last month's attacks, in which foreigners were among the more than 180 people killed, about a dozen countries...
...company betting on a yen reversal may have a long wait. Tohru Sasaki, chief currency strategist in Tokyo at JPMorgan Chase & Co., believes the dollar-yen exchange is reaching a sustainable average. "The yen's level until last year was abnormally weak. Now it's coming back to normal," he says. Compared to the mid-1990s, he says, the strong yen's negative impact on the Japanese economy is "not that large." To have the same effect as the postwar peak in 1995, the exchange rate would have to reach 48 yen to the dollar, he says, because...
Satoru Ogasawara, economist for Credit Suisse in Tokyo who covers foreign exchange, expects the yen to advance to 85 to the dollar within three months and to 83 over the next year. Intervention, he says, will come at the 85-level, but even then it is difficult to predict what will happen. "What we're seeing is the unwinding of the yen carry trade," says JPMorgan Chase's Sasaki, referring to the practice of buying low-interest yen and investing it in high-yield currencies. "It's a very strong and powerful movement and it's difficult to stop...
...feeding of the right is a way to build cover for a progressive agenda. That may be true. Obama has enunciated some liberal foreign and domestic policy ideas, such as open-ended high-level talks with Iran, a rapid combat troop pull-out from Iraq and a possibly trillion dollar stimulus plan for the flagging economy: if he plans to roll them out soon, he might hope that one or two of his putative "advisers" will support him, or at least hold off on their attacks, because of his outreach...
...Snow Bunnies. The Equinox Resort in Vermont, which just completed a multimillion-dollar renovation, is offering a "Cloud 999" package: Book a three-night stay for $999 and, when you're done schussing down the nearby slopes, you can indulge in $999 in spa treatments. If you want to spend a bit more, book the "1769" package; pay $1,769 and get two nights in the Orvis Inn Suite, a facial for two, and a spa day for two, as well as complimentary breakfast. Both offers are good through Dec. 23 and from Jan. 5 to April...