Word: yen
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Dates: during 1970-1979
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Monetary Brew. The negotiated realignment among major powers will increase the worth of Japanese yen by 17% in terms of the "old" dollar; in all, the West German mark will go up 13.5% against the dollar, and the Dutch guilder and the Belgian franc will rise 11.5%. The French franc and British pound will be formally unchanged; but, with the dollar's devaluation, they will go up 8.6% relative to U.S. money. Italy and Sweden will devalue their currencies slightly, by 1% each, but still end up 7.6% higher than the dollar. In return, Treasury Secretary John Connally said...
...industrial nations, held at Rome's Palazzo Corsini, principally in a conference room decorated with Renaissance paintings of voluptuous nudes. At midweek the Finance Ministers and central bankers of the Ten shooed their aides out of the room and began talking numbers-just how many pounds, francs, marks, yen and lire a dollar should be able to buy. They did not fully agree, and they did not even begin to settle some basic controversies over tariff, farm, investment and defense policies (see box next page). But then progress on the money front vastly increased the chance that the currency...
Dollar devaluation seems inevitable. It will not affect the domestic purchasing power of the dollar. But Americans will pay more for Volkswagens, Sony TVs, Givenchy dresses, Swiss watches and all other imports because the prices set for those goods in marks, yen and French and Swiss francs will be higher in terms of dollars. Similarly, the American travelers' dollars will buy less abroad, so the cost of tourism will rise. On the other hand, the foreign-money prices of American coal, computers, jet planes and other exports will drop. Eventually, the U.S. hopes, its exports will rise enough...
...world's primary economic problem since President Nixon on Aug. 15 declared that the U.S. would no longer redeem foreign-held dollars with gold. In the frenetic currency trading that followed, the mark has floated up 12.2% in value against the dollar from its last official rate, the yen 11.6%, the British pound 4.1%. The U.S. seeks to push some foreign-currency values up even more, and make the new rates official; it originally aimed for foreign revaluations averaging 12% to 15%. The Europeans and Japanese have demanded that the U.S. formally devalue the dollar as part...
Even Unhappiness. The Europeans have been divided. Germany is willing to see the price of the mark rise 12% from its last official level relative to the dollar, but it has two other goals. One is to force the Japanese yen up by a higher percentage in order to reduce the price advantage that Japanese goods hold over German merchandise in export markets. The Germans also want to push the French franc up as much as possible in order to minimize any French advantage over Germany in trade within Europe...