Word: exportability
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...guilder had risen 2.2%, to 28.2?. Two other currencies were formally revalued: the Swiss franc went up 7%, to 24.46?, and the Austrian schilling 5%, to 4.04?. Belgium adopted a perplexing two-price system for its franc, maintaining the old value of 2.01? on export-import dealings and letting the rate float on investment and loan transactions; at week's end the free rate had risen to 2.04?. Since all five currencies are now worth more in U.S. money, the moves added up to a partial, back-door devaluation of the dollar...
...mutual lowering of barriers will temporarily make Japanese competition more intense but also more equitable. Sooner or later Japan will have to temper its export drive because its economy is already operating under some severe strains. For one thing, the country is running out of labor. A decade ago, there were two job openings for each high school graduate; this spring there are 7.7. Japan has also bought export growth largely at the price of skimping on internal investment in housing, roads and pollution control. The country's industrial pollution is perhaps the world's worst. Says Nippon Steel...
They are the elite among the front-line troops of Japan's export drive. For Japanese, New York is a prize foreign assignment because it is the corporate capital of the U.S. Besides, the skyscrapers, neon lights, choking traffic and pollution make it seem almost like home. "Tokyo cannot find a city nearer to it than York," says Norio Ochi, director of the Japan Trade Center in Manhattan. The average tour of duty is three years, and all but top executives must leave their wives and families in Japan for at least the first six months...
WRISTON: The export of the American mentality along with our goods and services does us a great disservice. For example, the Trading with the Enemy Act gets everybody who has a foreign subsidiary into trouble. The nations where these subsidiaries operate want them to trade with certain countries, but U.S. law forbids it. You have to interview the shrimp to find out whether they are Communist or Hong Kong shrimp...
RUSSELL DeYOUNG: Japan also has the ability to go into other countries and take our markets. We used to export to the Philippines, but now Japan is going in there and taking our market away...