Word: yen
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Dates: during 1980-1989
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...dollar began its descent. To begin with, the greenback fell only modestly at first, down about 9% between February and July of last year. During the next eight months, however, it fell a more dramatic 19%. Indeed, it is still falling. Last week the dollar bought only 153.6 yen at one point, the greenback's lowest level since the late 1940s. The dollar has fallen some 39% against the yen since early...
Last year Japan's banks overtook their U.S. counterparts as the world's largest international lenders, with $650 billion in loans outstanding, compared with $600 billion for American institutions. As the Japanese banks have seen their assets balloon, partly because of the rapid appreciation of the yen against the dollar, they have become more ambitious, aggressive and resourceful. The Japanese have bought up banks in the U.S. and Australia, financed iron-ore mining in Brazil and provided funding for the underwater Chunnel, which will link England and France. Taking their cue from Japanese manufacturers, banks like Dai-Ichi Kangyo have...
...support from his party's power brokers following the seven-nation economic summit in Tokyo last month to pave the way toward an unprecedented third term. Instead, he was widely denounced for his handling of the meeting. His vaunted friendship with President Reagan produced no progress on stabilizing the yen, which has risen more than 30% against the dollar since September, cutting into the competitiveness of Japanese exports. After lobbying for rigid caps on currency fluctuations, Nakasone reluctantly went along with the other summit leaders and agreed to a vague system of monitoring exchange rates. To make matters worse...
Undaunted, Nakasone's planners came up with a last-ditch ploy: to call the lower house of parliament into special session to debate relief measures for the yen. By preventing parliament from recessing, the Prime Minister could exercise his power to dissolve the lower house and call elections. If that happens, political observers give Nakasone a good chance of revising the party's restrictive rule. "It is a document that is easy to change," said an L.D.P. official. If Nakasone fails in his bid for new elections, however, his chances for another term are slim indeed...
...Cuban exhibit to cold-weather Eskimo parkas and beautiful hand-knitted sweaters at the various Canadian exhibits. Because of a favorable exchange rate (the Canadian dollar is now worth 73 cents), prices are relatively cheap for Americans and even cheaper for foreigners equipped with superstrong currencies like the yen...