Word: yen
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...generation later the Japanese are discovering that the challenges of success can be just as tricky as the hardships of defeat. Now that the bionic yen has driven up the price of Japan's products in foreign markets and angry trade partners are threatening to obstruct those exports, the Japanese are trying to change once again. Government officials are looking to make the Japanese more voracious consumers, thus loosening dependence on exports and boosting demand for imports. Sacrifice is out, self-indulgence is in. The Japanese are being encouraged to work less, play more, save less, spend more and, while...
...history. Yet the amazing 4 1/2- year bull market in stocks, fueled in part by billions of dollars in Japanese investment money, recovered quickly, and the Dow closed the week at 2390.34, a record. In Tokyo money markets, the price of the U.S. dollar slumped to a doleful 144.7 yen, the first time in postwar history that the greenback was worth less than 145. Only 15 months ago it was 200. As tempers cooled by the end of the week, however, the dollar had climbed back...
CAPTION: SKYROCKETING YEN. % increase against dollar since...
...factor that has had the greatest single impact on Japanese trade is the skyrocketing value of the yen, which has risen 60% against the U.S. dollar since September 1985. The steep rise in the yen has helped push the Japanese economy into a trough. The change in currency value was expected to help correct the trade imbalance by making U.S. exports to Japan cheaper and Japanese exports to the U.S. more expensive. Finally, after long and frustrating delays, there are signs that such changes are slowly coming about. The Japanese claim their U.S. imports last year rose by almost...
Last week a painting was sold at auction in London for $39.9 million or, in real money, some 5.8 billion yen. This was the highest price ever paid for a work of art. The multimillion-dollar marvel is now a commonplace of the '80s: a Turner went for $10 million in 1984, a Mantegna for $10.4 million and a Van Gogh for $9.9 million in 1985, and a Rembrandt for $10.3 million and a Manet for $11 million in 1986. Nevertheless, this one brought in more than three times the previous record established in 1983 with the sale...