Word: yen
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Dates: during 1980-1989
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...Washington last week for a meeting of the World Bank and the International Monetary Fund, they had plenty to talk -- and fret -- about. The U.S. and Japan seemed perilously close to a trade war. The value of the American dollar was nose-diving to new lows against the yen. And the Latin- American debt crisis was flaring up all over again. In short, the world economy was showing distinct signs of stress...
...statement was intended to calm foreign-exchange markets, but it had exactly the opposite effect. After the latest Washington communique, a wild , selling spree pushed the value of the dollar down at week's end to 142.50 yen, a 40-year low against the Japanese currency. Indeed, after the Paris declaration failed to halt the dollar's slide, there was no reason to believe a vague reiteration of the same policy would have much impact...
CAPTION: SKYROCKETING YEN. % increase against dollar since...
...factor that has had the greatest single impact on Japanese trade is the skyrocketing value of the yen, which has risen 60% against the U.S. dollar since September 1985. The steep rise in the yen has helped push the Japanese economy into a trough. The change in currency value was expected to help correct the trade imbalance by making U.S. exports to Japan cheaper and Japanese exports to the U.S. more expensive. Finally, after long and frustrating delays, there are signs that such changes are slowly coming about. The Japanese claim their U.S. imports last year rose by almost...
Last week a painting was sold at auction in London for $39.9 million or, in real money, some 5.8 billion yen. This was the highest price ever paid for a work of art. The multimillion-dollar marvel is now a commonplace of the '80s: a Turner went for $10 million in 1984, a Mantegna for $10.4 million and a Van Gogh for $9.9 million in 1985, and a Rembrandt for $10.3 million and a Manet for $11 million in 1986. Nevertheless, this one brought in more than three times the previous record established in 1983 with the sale...