Word: yen
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Dates: during 1980-1989
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...other currencies through tighter coordination of economic policies (see box). The agreement was easy to reach, but the goal proved difficult to accomplish: despite a spate of follow-up meetings among economic leaders, market forces sent the dollar on a roller-coaster plunge in relation to the Japanese yen and the West German mark...
...Even so, financial markets turned optimistic last week as the summit meeting neared. On Wall Street, the Dow Jones average of 30 industrial stocks rose 48.37 points over the previous week, closing at | 2291.57. The U.S. dollar staged its strongest rally of the year, rising about 2% against the yen and the deutsche mark in two days. Experts wondered, however, whether the financial markets could continue to pay such handsome returns in the face of dismal economic growth. Warned a French senior economic official: "This is simply not sustainable. Something will have to give...
Nakasone has been hit by a series of domestic troubles. The runaway increase in the value of the yen, which has jumped more than 90% since October 1982, has hurt many Japanese companies and pushed unemployment toward 3%, a postwar high. In April the Reagan Administration slapped a 100% tariff on $300 million worth of Japanese electronics goods in retaliation for alleged trade misdeeds, which seemed to belie any special relationship between the two leaders. Then two weeks ago the Japanese parliament forced Nakasone to withdraw a cherished plan to impose a sales tax. The controversial measure was part...
...central bank was moving to push American interest rates higher. At week's end major U.S. banks raised their prime rate from 7 3/4% to 8%. Taken together, the U.S. and Japanese actions will make it more attractive for investors to hold dollars and less attractive to hold yen, which should strengthen the collapsing dollar against the surging yen...
Soros has an uncanny knack for switching successfully between stock, bond and money markets. In September 1985 he made what he calls the "killing of a lifetime" -- about $150 million -- by switching from dollar investments into Japanese yen. He took the plunge after learning that top officials of the five largest industrial countries (Britain, France, Japan, West Germany, the U.S.) had met at Manhattan's Plaza Hotel. Soros' guess: the five would lower the value of the dollar against other major currencies...