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...Tokyo. It's up to the Japanese to get themselves back in shape." Japan has been sluggish in responding to G7 pleas for urgent action, but Treasury official Larry Summers flies to Tokyo later today to press the case. Because as Monday's 200-point drop in the Dow on news of Japan's recession confirmed, Washington and Tokyo are in this together...
...YORK: So the salad days are back, right? The Federal Reserve's yen-propping Wednesday certainly had the desired effect: The yen rebounded, the dollar retreated, and the Dow, in one spectacular burst, erased nearly all of Monday's losses and closed up Wednesday 164 points in the black. Tonight, look for Asia to be back in a buying mood...
...used to it. "I'd be very suspicious," says TIME Wall Street columnist Daniel Kadlec. "This was a relief rally -- an excuse to bargain-hunt on the good yen news." Psychology, even on hair-triggered Wall Street, can only take the Dow or NASDAQ so far north. "There's a long history of central banks proving themselves unable to force a currency to stay up or down," says Kadlec. "The economic fundamentals always...
Wall Street may also be starting to wonder. After a long run as one of the brightest stars in the Dow firmament, the company's stock has slipped 10% in the past month. The good news is that Disney remains the world's most beloved entertainment brand name--a kind of profitability triple threat that uses movies, theme parks and merchandise to turn every hit into a volcano of revenues. But some analysts are worried that its fabled pre-eminence in the animation arena has eroded since its Lion King days and that its theme parks face newly ferocious rivals...
...High praise indeed, especially from a sourpuss like the Fed chairman. So why on earth did the Dow slip 78 points in Wednesday's session -- after gaining almost 250 points over the past four -- as if CNBC had rerun the "irrational exuberance" speech instead? "We're in between earnings seasons right now, and no one expects the Fed to raise interest rates anyway," says Fortune writer Nelson Schwartz. "All that is translating to a lethargy in the markets -- volume has been weak, even when the Dow goes up. People need a new reason to get excited about stocks; Greenspan just...