Word: floats
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...light aircraft and air conditioners. But he was adamant in rebuffing demands that the U.S. considers to be far more crucial. Most notably, Fukuda refused to consider an upward revaluation of the yen, which has risen about 6.5% -far less than the U.S. wants-since Tokyo reluctantly decided to float it against the dollar last month. He also suggested that U.S. manufacturers would benefit from "more aggressive salesmanship," and told Rogers that the surtax must be quickly rescinded, hinting that Tokyo might otherwise be forced to use "countermeasures...
...agree on little else, least of all on their response to it. The sharpest policy split in Europe divides France and West Germany. The French insist on maintaining a fixed exchange rate against the dollar on commercial transactions, while the Germans contend that all nations, at least temporarily, should float their currencies against the dollar, as Bonn did last...
...only decisive development came at week's end from Tokyo. After two weeks of agonizing over the Nixon pressure and several times denying flatly that the yen would be revalued, the government of Prime Minister Eisaku Sato finally announced that it would allow the Japanese yen to float against the dollar. This was probably an unavoidable decision for Sato, but it was especially painful and will produce wide-ranging economic woes for Japan. By in effect increasing the price of the yen, Sato dulled the cutting edge of Japan's export drive, not only in the U.S.-which...
Just how widely the yen will be allowed to fluctuate is not yet clear; the Bank of Japan said it would intervene to prevent too drastic a swing, at least for now. On the first day of the limited float, the yen was traded at an increase of 5% to 7% over the old rate, but just where it will settle is still uncertain. Japanese officials noted that the flotation was only a temporary measure, but U.S. importers were already predicting that the higher yen rate on top of the 10% surtax could effectively close the American market to Japanese...
Nixon is using the surtax as a lever not merely to force the U.S.'s major trading partners to float their currencies but to make sure that those currencies float substantially upward...