Word: prop
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...driven by emotion rather than reality, since Japan's economy is still growing at a robust rate of about 4.5%. "It's really psychology, running in just the opposite direction of the underlying economic forces," says C. Fred Bergsten, director of Washington's Institute for International Economics. To prop up the yen, the Bank of Japan first tried intervening in foreign-exchange markets, spending $10 billion, or 17% of the country's currency reserves, to buy yen and dump dollars. Since that proved futile, the central bank last week boosted the key discount rate by a full percentage point...
...Bank of Japan would have moved sooner to raise interest rates and stave off inflation, but it was stymied by the Ministry of Finance, which wanted to delay the increase in an effort to prop up stock prices and sustain economic growth. The battle between the central bank and the Finance Ministry was unusually public and sparked widespread anxiety among investors. "For the first time in memory, there was an open dispute. That was very un-Japanese, and it caused a lot of uncertainty," observes Robert Hormats, vice chairman of Goldman Sachs International. By midweek the Finance Ministry agreed...
...scale model of the Statue of Liberty evoked memories of Tiananmen Square. A mock barrier, dubbed the Wall of Colonialism, was battered down as demonstrators cheered. It might have been an anti-Soviet prop at an independence rally in Lithuania. Instead, this was in the city of Ponce in southern Puerto Rico, and the 125,000 yellow-clad marchers were not calling for the island's freedom but to join the U.S. as the 51st state...
...finalized in 1971, when the colleges approved co-educational living within the houses. Still, small vestiges of the pre-merger era remind us of the absurdity of sex-segregated living: legend has it that hooks on the doors of some North House rooms were used by Radcliffe women to prop open their doors when hosting male guests...
Even if we occasionally wonder if some of the scenes were created around what Tan found in the American Repertory Theater prop room, we are often startled by their power...