Word: yen
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Dates: during 2000-2009
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...option. The world's second-largest economy, Japan labors under the globe's highest level of public debt--140% of GDP. Across the nation, bankruptcies and unemployment are soaring. Practically everything else--stock values, consumer prices, confidence--is in free fall. The biggest crisis of all is the yen. With the Bank of Japan printing money to offset a liquidity crisis, the currency is sliding fast. It hit 134 to the dollar last week, a 15% decline since a year ago. The decline has prompted cries of foul from U.S. manufacturers over the competitive edge a weak currency gives Japanese...
...clearly nobody was paying enough attention when, at some point last year, Rusnak began to run up losses. He seems to have bet that the yen would strengthen against the U.S. dollar, but the exact opposite happened. Normally, currency traders reduce such risks by buying options to hedge their positions; in Rusnak's case, he would have had to enter into options contracts for dollars. But the options he is said to have bought turned out to be fakes...
...business and economics, technology stocks will remain in the dumps, though investors in the U.S. will continue to pin their hopes on a "V-shaped" recovery. But watch out for Japan; if the economic crisis gets worse there and the yen continues to devalue, Japanese corporations will snap up market share, which could turn the American V into more of a U shape. Not all the gloom can be attributed to last year's attacks, though. Everything from the value of the newly launched euro to the collapse of the Argentine economy has antecedents that far predate Sept...
Summers called for coordinated policies of structural reform coupled with “reflation” to strengthen the Yen...
...relatively safe route into Japan is blue-chip Japanese exporters, which, while not dirt cheap, stand to benefit from renewed buying among U.S. customers and a continuing slide in the yen. David Bowers, chief international strategist at Merrill Lynch, likes the copier company Canon, where 84% of sales are outside Japan, and consumer electronics giant Pioneer, where 64% of sales are outside Japan. Also on his list is Nissan, which has been aggressively investing in new production technologies. All three stocks trade in the U.S. as American Depositary Receipts...