Word: stock-market
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During last October's stock-market crash, Japan advised its investment houses to hold their shares in U.S. companies. The restraint helped keep the collapse from becoming more devastating than it was. Japan performed a similar service in March 1987 when the dollar went into a free fall. In a two-pronged effort, Tokyo fund managers held their U.S. securities, while the Bank of Japan bought dollars to stem the slide. The bank's U.S. currency holdings grew from $1 billion to $15 billion...
...stock-market crash was a dramatic test not only of the world's financial institutions but of the world press as well. The dizzying swiftness of the collapse, its global dimension, the complexity of the underlying economic issues -- everything about it challenged journalism's ability to distill meaning out of fast-breaking news. So I am gratified to report that TIME's coverage of Black Monday has earned a John Hancock Award for Excellence, one of the most respected U.S. prizes for business and financial journalism. The citation lauded "The Crash," our Nov. 2, 1987, package of cover stories...
...countries have made, individually and collectively, in carrying out the policies to which we committed ourselves at earlier summits. Although we can look back at a number of positive developments since we met a year ago in Venice, and can congratulate ourselves on having weathered last October's dramatic stock-market storm, we have been forced to confront an unpleasant truth: we have not lived up to our past pledges and thus are not doing as much as we could to ensure continued growth for our own countries and for the world economy...
...Government's economic compasses may be poorly constructed as well. The index of leading economic indicators, a compilation of statistics designed to predict the direction of the economy, is frequently derided as the "index of misleading economic indicators" because of its uneven forecasting record. After last October's stock-market crash, the index declined for three consecutive months -- normally a strong sign that a recession is on the way. An upward revision in the December figure, however, broke the downward streak, and fears of a recession evaporated...
Investors are registering their disapproval in droves. In a survey conducted earlier last week by Sindlinger & Co., a marketing-research firm, just 4% of the households polled said they planned to buy stock, compared with 15% just after the crash in October. Fear of the volatility often attributed to program trading was the second most often mentioned reason for avoiding the market, after disillusionment about insider trading. Individual investors have apparently developed a belief that the stock-market game is fixed in favor of the big players. Says Arthur Levitt, chairman of the American Stock Exchange: "It's a national...