Word: yen
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Dates: during 1980-1989
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...high. In Britain, the pound was near a level that once seemed unthinkable: parity with the dollar. Worth $4.03 in 1949 and $2.40 as recently as 1980, the pound at one point last week was worth $1.08. The dollar has even been gaining in value against the sturdy Japanese yen. It reached 260 yen in Tokyo, a rise of 15% since...
...difficulties they have had in repaying it during the '80s, has crimped their ability to buy American-grown food. The remarkable strength of the U.S. dollar against foreign currencies is perhaps the biggest cause of all; it forces overseas buyers to pay out more francs, pounds or yen to buy American wheat, corn or soybeans. The muscle-bound dollar is primarily an ironic consequence of gargantuan U.S. budget deficits, which keep American interest rates high and entice foreign investors to convert their currencies into dollars, bidding up the greenback's price, in order to pour money into American investments...
...week the government of Prime Minister Margaret Thatcher had to rush to rescue the once proud pound from sinking below $1 in value. The pound has always been something of an anomaly in international currency markets. While it takes several deutsche marks or French francs, and hundreds of Japanese yen, to equal one U.S. dollar, the British pound is the only major Western currency worth more than a dollar. In 1949 a pound was worth $4.03, and as recently...
Keep soap operas in the family. Of all the flops of last fall, perhaps the most unexpected was ABC's Paper Dolls. Set in the chic world of New York modeling, the series seemed expertly designed to satisfy the audience's yen for opulent-looking trash. But viewers responded with a gigantic yawn. The show's failure must have caused some nervous gulps at rival NBC, which was busily preparing a glossy soap set in the chic world of New York retailing. Oops...
...billion, up from $20 billion in 1981. In trade with the U.S. alone last year, Japan had a $30 billion surplus. One reason for that startling imbalance is the lofty value of the U.S. dollar. Partly because of high American interest rates, the dollar has risen 30% against the yen since 1978. That has made Japanese imports cheaper for U.S. shoppers, and American exports more expensive in Japan. Economists think the dollar may decline a bit over the next year or two, but not nearly enough to erase Japan's surplus. In fact, some Japanese trade experts predict that their...