Word: yen
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Holland was right. "They" -- the central bankers of the world's industrial countries -- were launching a major surprise mission to rescue the dollar from its perilous slide. The Federal Reserve and other central bankers intervened by unleashing a flood of orders to trade Japanese yen, West German marks and other denominations for the dollar. The strategy worked stunningly, sending traders scrambling to move in the same direction. Said Holland: "You don't make money by challenging the Fed. You could get squished trying to do that...
...dollar, after opening in Tokyo Monday at a post-World War II low of 120.45 yen, rocketed to 129.45 by Thursday in New York. Against the West German currency, the greenback jumped from a record low of 1.56 marks on Monday to a week's high of 1.65. But no one could say whether the dollar's comeback could endure. The fragile currency backslid somewhat against the yen and mark on Friday in reaction to estimates that the U.S. budget deficit would balloon once again in fiscal...
Most troubling was the continuing decline of the dollar, which hit its lowest level in more than 40 years against the Japanese yen and the West German mark. On New Year's Eve, the dollar fetched only 121 yen, vs. 159 yen a year ago. The plunge was especially unsettling because it came less than a week after the Group of Seven (the U.S., Britain, Canada, France, Italy, Japan and West Germany) issued a statement saying the dollar had fallen far enough. The central banks of some of these nations have been buying dollars heavily in exchange markets, but currency...
...Other skitcom graduates, like Bill Murray and Eddie Murphy, had profitably accommodated their TV personalities to the big screen. But Robin Williams was not allowing himself to be Robin Williams. It made for a dispiriting spectacle, like watching a great juggler hold, just hold, a lemon. Williams traces his yen for straight roles to Manhattan's Juilliard School, where he studied acting. 'I had my Juilliard training -- ((highbrow accent:)) 'I'm an actor here' -- and then I do comedy on the side. It's this Jekyll-and-Jessel thing -- ((stentorian voice:)) 'Actor during the day; at night, strange...
Only if the dollar's descent slows down will the U.S. at last enjoy an improvement in the trade deficit. Most of the economists surveyed said the dollar would indeed become more stable. Their median forecast has the dollar drifting down only 2.3% next year against the yen and 1.8% against the mark. At the same time, they predicted, the trade deficit will fall nearly 15%, from a record $175 billion this year to about $150 billion...