Word: yen
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Dates: during 1980-1989
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...blessed with a tremendous heritage," agrees Yen-Tsau Feng, who, as Larsen Librarian of Harvard College, is the University official perhaps most intimately involved with the day-to-day problems of running the system. "We have inherited a lot, but that poses a burden because we have to keep...
...EAST. Even though the yen has fallen 9.9% against the dollar since 1980, Tokyo remains an expensive place to visit. "I haven't found anything cheaper in Japan," snapped a visitor from Ohio. Dinner at a good Tokyo steak house runs about $24, up $8 from 1980. Nor are electronic wares or other Japanese specialties particularly cheap. American shoppers are finding that high-quality Japanese cameras cost about as much in Tokyo as in New York City. But many travelers say that they did not go to Japan for the bargains. One survey found that most Americans were attracted...
...banks last week raised the prime rate that they charge corporate customers from 12.5% to 13%. That helped boost the dollar to record highs against the British pound and the Canadian dollar. The U.S. currency also hit a peak for the year vs. the Japanese yen, and a seven-year high against the Swiss franc. Many economists expect further hikes in interest rates and a continued strong dollar...
...strong dollar has helped Komatsu, Caterpillar's powerful | Japanese competitor, to gain ground. Because of lower labor costs and a cheap yen, Komatsu is selling similar machinery for up to 30% less than Caterpillar in places such as Latin America and Africa...
Even if the accord is completed as anticipated, there is some doubt whether the measures will achieve their desired purpose. Treasury officials concede that internationalizing the yen could have the short-term effect of further weakening it. Moreover, despite earlier attempts to increase U.S. exports to Japan or slow down Japanese imports, Tokyo's trade surplus still grows. Said American Motors Chairman Paul Tippett last week: "The negotiations are encouraging, but I've learned to be cautious when expecting progress from the Japanese." -By Alexander L. Taylor III. Reported by Christopher Redman/Washington and Edwin M. Reingold/Tokyo