Word: thursdaying
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...foreigners learn soon enough that a one-yen coin floats on water (or beer), a perfect analogy for the last few years of the dollar's strength against Japanese currency. Now, however, the yen is sinking to the bottom of the glass as the dollar has becomes featherweight. On Thursday it slipped to 99.7 yen, the lowest it has been since November 1995. Following suit on Friday, Tokyo stocks plummeted to their lowest levels since August 2005. Just a few months ago, the rate was 113 to the dollar...
...weak dollar dumps cold water on some of Japan's largest corporations and exporters, since a higher yen value makes exports from the likes of Sony and Sharp to Toyota and Honda less competitive. On Thursday, Toyota Motor Corp. president Katsuaki Watanabe said that his company will need to maintain profit growth, since it forecast record profit for this fiscal year when the dollar was about 113 yen. For every yen the dollar drops, Toyota's operating profit falls...
...Israel, in turn, responded on Thursday with air strikes on northern Gaza from where the rockets were launched...
...Despite the latest exchanges of fire and the scorching rhetoric on both sides, however, the fragile truce that appears to have taken hold over the past week is not necessarily over. Hamas, whose arsenal includes longer-range, more lethal rockets, refrained from joining Islamic Jihad in Thursday's retaliatory binge. And Israeli military sources say that through indirect channels - an Israeli general and Hamas officials were both in Cairo recently meeting with the Egyptians - word has reached former Palestinian Prime Minister Ismael Haniyeh and other Hamas leaders in Gaza that they are no longer being targeted for aerial assassination...
...stakes could hardly be higher: With a U.S. recession looming and the dollar at its lowest-ever value against major currencies, oil prices reached a new record high on Thursday, crashing through the $111-a-barrel mark. That's a climb of about 30% in just six months, and this week it sent the prices at U.S. gas pumps soaring to a record national average of $3.27 a gallon...