Word: yen
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Dates: during 1970-1979
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...addition, Shultz said, Japan has decided to float its yen, thus tearing it away from its fixed exchange rate with the dollar...
Tanaka's first budget, on which debate will begin next week, is disappointing. At $46 billion, it is 25% higher than last year's-an inflationary increase suggesting that Tokyo's crafty moneymen anticipate international pressures for another revaluation of the yen. More damaging, there is only token acknowledgment of the reordered priorities that Tanaka spoke of so feelingly before the election. What of the tax reductions that he promised would be "the largest in history"? They work out to $50 a year-enough to buy four bottles of beer a week-for the average Japanese salary...
...record $4.2 billion at year's end, and U.S. officials warn of further trouble unless "sure signs" of improvement appear in the next two or three months. Tokyo's efforts to ease the imbalance have been complicated by the facts that the revaluation of the yen 13 months ago has been slow to take effect, and that the recovering U.S. economy is simply absorbing more Japanese exports. Before long, some bold steps may be necessary-the kind that Kakuei Tanaka once promised, but now seems less and less able to deliver...
...military authorities in Saigon ticked off in businesslike fashion the targets American planes had been after: airfields, shipyards, railyards, warehouses, power plants, communication towers, truck parks, and SAM and antiaircraft installations. The report stated that dozens of these targets were destroyed or heavily damaged-the Phuc Yen airfield was bombed, the Hanoi port facility on the Red River hit hard, "all buildings" in the Haiphong petroleum-product storage area were struck, and the Thai Nguyen thermal power plant was virtually wiped out, and on down the target list...
...Matisse or a Renoir in their VIP reception rooms. Japan's newly rich are also well aware that such art is now a good investment. One Osaka real estate baron recently won fame in the trade by phoning an art dealer these directions: "Get me 100 million yen [$330,000] worth of art-get me whatever you think would prove moneymaking." Japanese art buyers are operating like Sony executives all over Europe and the U.S. "No hammers go down nowadays either at Christie's or Sotheby's," one of them placidly observed last week, "without at least...