Word: yen
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Nakasone has been hit by a series of domestic troubles. The runaway increase in the value of the yen, which has jumped more than 90% since October 1982, has hurt many Japanese companies and pushed unemployment toward 3%, a postwar high. In April the Reagan Administration slapped a 100% tariff on $300 million worth of Japanese electronics goods in retaliation for alleged trade misdeeds, which seemed to belie any special relationship between the two leaders. Then two weeks ago the Japanese parliament forced Nakasone to withdraw a cherished plan to impose a sales tax. The controversial measure was part...
...central bank was moving to push American interest rates higher. At week's end major U.S. banks raised their prime rate from 7 3/4% to 8%. Taken together, the U.S. and Japanese actions will make it more attractive for investors to hold dollars and less attractive to hold yen, which should strengthen the collapsing dollar against the surging yen...
...involve sustained efforts to boost Japanese consumer demand and thus imports. Japan also plans to encourage the lending of perhaps as much as $30 billion to Third World debtor nations. The prospect of the changes, however, did nothing to strengthen the U.S. dollar: last week it fell below 140 yen for the first time in more than 35 years...
Soros has an uncanny knack for switching successfully between stock, bond and money markets. In September 1985 he made what he calls the "killing of a lifetime" -- about $150 million -- by switching from dollar investments into Japanese yen. He took the plunge after learning that top officials of the five largest industrial countries (Britain, France, Japan, West Germany, the U.S.) had met at Manhattan's Plaza Hotel. Soros' guess: the five would lower the value of the dollar against other major currencies...
...This is a major opportunity for expanding Japanese markets for U.S. goods and the buying power of Japan generally," he said. The U.S. senior official said lower interest rates in Japan would also tend to bolster the U.S. dollar against yen...