Word: yen
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Dates: during 1980-1989
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...Americans favor trade restrictions to protect American industries and jobs. The American trade deficit with Japan could well reach a menacing $21 billion this year. It results partly from superior Japanese competitiveness and products, partly from unfair Japanese barriers to trade, and partly from an overvalued dollar and undervalued yen. Most Democratic presidential candidates, including Walter Mondale, have courted the labor vote by urging new kinds of protectionism. A former Japanese ambassador to the U.S., Nobuhiko Ushiba, said in April that he had "never seen the mood on Capitol Hill as ugly as it is now toward the Japanese." Unemployed...
...lawyer earns $31,000 and a university professor $29,000. In addition, although their income is taxed, doctors make thousands more on the side from tips that are discreetly passed on by patients. After her operation, the thyroid patient delivered a box of candy with five 10,000 yen bills ($215) hidden at the bottom. Says she: "I was told that's what everyone does...
...Times report of that anti-American chant must have particularly astonished the paper's immigrant readers. They, after all, have come to L.A. with everything staked on a belief that American myths are real. Richard Yen-Shih Koo arrived from Taiwan in 1965. "I saw the good life in the United States," he says without irony, "as heaven...
...more rampant than ever; currency values can jump or dip by 2% in a single day. Some currencies shoot way out of line and stay there. Japan had a merchandise trade surplus last year of $18 billion, yet partly because of Japan's low interest rates, the yen remains weak against most other currencies. Economists estimate that the yen is undervalued by about 20% in relation to the dollar...
...fast-growing Komatsu firm can undersell Caterpillar because its total pay averages only about $11 an hour. The low value of the yen also helps keep down the price of its exports. Although Komatsu has so far won less than 7% of the U.S. market, as against some 50% for Caterpillar, it has been gaining rapidly in the Middle East and Southeast Asia...