Word: outflows
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Dates: during 1980-1989
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Although the precise terms of the agreement have not been made public, Japan is believed to have freed the yen to make it more available for trading on international currency markets. Tokyo will also reduce restrictions on the outflow of the yen and improve the access of foreign banks to the Japanese money market. That means other nations can reduce some of their dollar holdings and start acquiring yen deposits, which should drive up the currency's price in the process...
...with aesthetic pleasure. No doubt about it, Picasso painted many bad and some flatly absurd pictures at the end of his life. But the good ones are so good, and in such a weird way, that they utterly transfix the eye, while the drawings (and some of the vast outflow of etchings) possess an assurance, a sensuous ferocity that no other living artist could approach, let alone rival...
...tough belt-tightening package that included higher prices for tobacco and alcohol, and an obligatory taxpayer loan to the government (amounting to 10% of taxes paid in 1982). That was bad enough, but not nearly as controversial as the new restrictions on foreign travel, designed to reduce the outflow of currency...
...deficit mounted. A copious influx of foreign capital, some in flight from economic and political instability abroad and some attracted by the high real rates of return in the U.S., held the dollar up. As West European governments kept their own interest rates high in order to stem the outflow of capital, their economies worsened and their leaders began urging the U.S. to take stronger measures to get interest rates down to tolerable levels. For most of the year, these pleas were ignored...
...Overseas Chinese are worried about the future after the expiration of the lease," explains Chao Yao-tung, Taiwan's Minister of Economic Affairs and a former businessman, "and we will try to get some of the capital outflow. Even 10% or 20% would be of great help." To that end, the Taiwan government plans to create a free-trade zone and banking center on the island. In an unregulated, Hong Kong-like environment free of import taxes, businessmen would be able to enter without visas, taxes would be low, and red tape minimal. In the eyes of Taiwan...