Word: yen
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...reduce income taxes to encourage consumer spending, creating a greater demand for imports. The sales tax, they contend, would make up for revenue lost with the cuts. An increase in U.S. exports to Japan would then take the heat out of the trade war and help stabilize the soaring yen, which has made Japanese goods more expensive abroad. Still, despite an L.D.P. majority in parliament, both the tax and budget proposals face an uncertain future...
...imposition of sanctions suggested, Washington is skeptical about whether Tokyo has the will to correct its $58.6 billion trade imbalance with the U.S. Last week U.S. Treasury Secretary James Baker tried to allay Japanese concern about the yen by calling a further decline of the dollar "counterproductive." Nonetheless Baker complained that Tokyo's proposed economic reforms "are not yet government policy" and warned that "Japan still must do more...
...Washington last week for a meeting of the World Bank and the International Monetary Fund, they had plenty to talk -- and fret -- about. The U.S. and Japan seemed perilously close to a trade war. The value of the American dollar was nose-diving to new lows against the yen. And the Latin- American debt crisis was flaring up all over again. In short, the world economy was showing distinct signs of stress...
...statement was intended to calm foreign-exchange markets, but it had exactly the opposite effect. After the latest Washington communique, a wild , selling spree pushed the value of the dollar down at week's end to 142.50 yen, a 40-year low against the Japanese currency. Indeed, after the Paris declaration failed to halt the dollar's slide, there was no reason to believe a vague reiteration of the same policy would have much impact...
...wild trading, the dollar hits new lows against the yen...