Word: yen
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Dates: during 1970-1979
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...Carter Administration imposed minimum or "trigger" prices for imports based on a complex formula. Imports have fallen off to 14% in this year's first nine months, and the trigger price was reduced 1% to $347.55 a ton for the third quarter. But with the yen weakening almost 23% against the dollar this year, the Japanese are becoming even more competitive. So American steel men are again unhappy and want the trigger price to be raised considerably. Steel men believe Government pricing decisions -from the Kennedy jawboning and the Nixon controls to the Carter guidelines -have been responsible...
However, he does have skeptical reservations about journalism and regards reporters as hostages to the whims, slants and manias of press tycoons. Night and Day, like some British journalism, is partially caught in a time warp with The Front Page and the yen for scoops...
Iran has been trying to induce other members of the OPEC cartel to refuse payment for oil in dollars and instead to demand a "basket" of other currencies, presumably West German marks, Swiss and French francs, and Japanese yen. In fact, there is not nearly enough of these currencies available to pay for the huge oil transactions, and European and Japanese governments would wind up unavoidably having to expand their money supplies in a most inflationary way to accommodate the deals. Fortunately, the Saudis and other oil producers plan to continue accepting dollars. To ban them would cause...
Ohira's shaky political mandate also dooms his proposal for a tax hike to correct Japan's mounting deficit. The deficit, combined with a high inflation rate and a sharp drop in the yen, may have grave consequences for an already strained U.S.-Japan economic relationship. Japan has already begun to stopper its yen drain. These economic pressures will certainly curb Japanese willingness to liberalize import restrictions at a time when John Connally is bellowing about letting the Japanese sit in their Toyotas on the docks of Yokohoma. The only possible Japanese concession to American opposition prevails and cuts...
Still, Fraser has a yen to see European-style ''co-determination'' spread in the U.S. In West Germany, Sweden and Denmark, workers sit on supervisory boards. Studies suggest that they have little impact on corporate policy-for good or ill. Notes one German industrialist...