Word: yen
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Though Milken's title is only senior executive vice president, he has set Drexel's tone and direction during the past decade, according to many who deal with the firm. But his yen for control and lack of regard for convention, which served him so well in staking out his new financial realm, may have been what led him to allegedly illegal tactics. Says journalist Connie Bruck, author of the 1988 book on Drexel titled The Predator's Ball: "For years he's been a law unto himself. He has disdain for the way the world works. He figures...
...Florida fishing weekend he had hoped for. Just after American voters overwhelmingly chose him over Michael Dukakis, the world's financial markets sent Bush a message of their own: the Dow Jones industrial average plunged 75 points, followed by the dollar's drop to near postwar lows against the yen. Investors who had sat quietly through candidate Bush's repeated taunts to Congress to "Read my lips -- no new taxes" decided that President-elect Bush had no convincing plan to cut the nation's towering trade and budget deficits. As the slide started, Bush hastily convened a seaside press conference...
Within hours, the markets echoed that skepticism, accelerating the dollar's fall to a low rate of 121.52 yen. Improved trade figures did not stanch the bleeding; the damage was halted only by the purchase of $5 billion by foreign central banks, led by the Bank of Japan. Noted John Williamson, a senior fellow at Washington's Institute of International Economics: "Foreign investors are not happy. They read Bush's lips...
...CAPTION: Yen per dollar
...Election Day drew near, currency traders grew bearish on the dollar, sending it to the 125-yen range. They blamed a slowdown in the U.S. economy, the surge last month in the trade-deficit figures and a concern that the next U.S. President will be unable to tackle the budget deficit...