Word: yen
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Dates: during 1980-1989
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...placing restrictions on Japanese imports. Yet Hilliard has praise for the management methods of his employer. Nissan's profits in Smyrna are down, he says, because "parts from Japan cost much more than they did one year ago" as a result of the rising exchange rate of the yen against the dollar. "But job security is one of the things the company stressed when I started in 1981, and Nissan is trying to keep its promise and keep everybody on. If I had been at Ford, Chrysler or General Motors, I would probably have been in the streets...
...generation later the Japanese are discovering that the challenges of success can be just as tricky as the hardships of defeat. Now that the bionic yen has driven up the price of Japan's products in foreign markets and angry trade partners are threatening to obstruct those exports, the Japanese are trying to change once again. Government officials are looking to make the Japanese more voracious consumers, thus loosening dependence on exports and boosting demand for imports. Sacrifice is out, self-indulgence is in. The Japanese are being encouraged to work less, play more, save less, spend more and, while...
...history. Yet the amazing 4 1/2- year bull market in stocks, fueled in part by billions of dollars in Japanese investment money, recovered quickly, and the Dow closed the week at 2390.34, a record. In Tokyo money markets, the price of the U.S. dollar slumped to a doleful 144.7 yen, the first time in postwar history that the greenback was worth less than 145. Only 15 months ago it was 200. As tempers cooled by the end of the week, however, the dollar had climbed back...
...sanctions come during a time of relative economic hardship for Japan and political difficulties for its Prime Minister, Yasuhiro Nakasone. Under heavy pressure from the U.S., Japan has allowed its yen to appreciate 43% against the dollar during the past two years, which has pinched the country's economic growth and pushed unemployment to 3% for the first time in decades. The new sanctions would go into effect only two weeks before a planned visit to Washington by Nakasone, who was hoping for a show of friendliness with Reagan that might boost his support at home...
Underscoring the urgency of the trade problem was a dramatic plunge in the U.S. dollar last week to a new postwar low of 147 yen, despite efforts by central bankers to stabilize the currency. Global money traders sent the dollar reeling because they expected that the currency might have to fall further if the U.S. is to slash its trade deficit. But sentiment is rising in Washington that protectionism is preferable to watching the dollar sink ever lower. Though the U.S. and Japan may not yet be engaged in a full-scale trade war, what used to be a heated...