Word: yen
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Dates: during 1970-1979
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Already, the Nixon plan had made some solid gains. By far the most important was Japan's decision to float the yen on international currency markets (see BUSINESS). In addition, some banks?including New York's Chemical Bank and Atlanta's Trust Company of Georgia?reduced interest rates on consumer loans. Such rates are not governed by the Nixon program, but the Administration has applied strong pressure on bankers to freeze or lower them voluntarily...
PRESIDENT NIXON won three major victories last week in defense of his new economic policies. Japan finally floated its yen in relation to the dollar; organized labor, led by A.F.L.-C.I.O. President George Meany, backed off from its threat to contest the wage-price freeze in court; and, after a brief show of defiance, Texas conceded that the freeze covers state and local government employees. Some of the week's other highlights...
...expected 12% to 15%. At the close of trading last week, the franc had risen by 2.8% in relation to the dollar, the mark by 7.6%, the Swiss franc by 2.5%, and the pound by 3%. Put on a limited float at week's end, the Japanese yen rose as much as 7% in the first day's trading...
...only decisive development came at week's end from Tokyo. After two weeks of agonizing over the Nixon pressure and several times denying flatly that the yen would be revalued, the government of Prime Minister Eisaku Sato finally announced that it would allow the Japanese yen to float against the dollar. This was probably an unavoidable decision for Sato, but it was especially painful and will produce wide-ranging economic woes for Japan. By in effect increasing the price of the yen, Sato dulled the cutting edge of Japan's export drive, not only in the U.S.-which...
...grass on the hilltop"-ready to blow with the prevailing political winds. The winds, it must be conceded, have been generally favorable. Despite such Mao-inspired aberrations as the Great Leap Forward of 1958-59 and the Cultural Revolution, the country is now relatively stable. Jobs are available, the yen is firm, and the kind of famines that used to wipe out 20 million people at a time are a fading memory...