Word: yen
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Dates: during 1980-1989
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...current exchange rates, some of its autos and vans will have wide appeal despite stiff European and Japanese competition. Unlike GM and Ford, Chrysler does not have European automaking subsidiaries, whose sales could be threatened by the export push. Says Robert Lutz, a Chrysler executive vice president: "At 240 yen to the dollar we were doomed. But at 150 yen we have a shot. I see real potential in the European market...
...persistent trade deficit has several underlying causes. While the dollar has fallen from its peak by more than 40% against the Japanese yen, it has dropped just 6% in relation to the Taiwanese New Dollar and has actually risen 3% against the South Korean won. In addition, import prices have not risen nearly as much as they were expected to. Typically, when the dollar weakens, foreign manufacturers boost prices of products sold in the U.S. because the money they receive from American consumers is worth less when converted into other currencies. So far, though, prices of imports, not including fuel...
Although President Derek C. Bok is a decent, thoughtful man, his greatest fault is not an insatiable yen for fairness. The president is a skillful showman who gets a lot of mileage out of his trash-finding trots through the Yard...
...budget deficit." Ironically, Michigan, where the auto industry has been battered by Japanese imports, was saved from a budget crisis in 1982 when the Mitsubishi Bank agreed to guarantee $500 million worth of the state's bonds. Almost no project is too large or too small for the yen-laden financiers. Last year the Bank of Tokyo lent $5 million to a group of New York developers who were building an office complex in a run-down section of the Bronx...
...wonder that the Japanese have a yen for the deregulated Euromarket. Since the U.S. Occupation after World War II, Japan has had one of the world's most tightly regulated financial systems. To prevent the concentration of capital in a few hands, the Japanese put into their banking law a word-for-word translation of the American Glass-Steagall Act, which prohibits banks from underwriting corporate securities. In addition, the Japanese have restrictive rules on the interest rates that banks can pay depositors. Says Nobuya Hagura, president of Dai-Ichi Kangyo: "The regulations are outdated, and they inhibit business performance...