Word: yen
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...more serious are both largely due to the high American budget deficit. Without some action to bring that down, all the moves started in the past month will not succeed. The importance of deficit reduction could be seen last week when the dollar rose in value against the Japanese yen, despite a massive attempt by the Bank of Japan to stop the increase. World currency speculators are still doubtful that the U.S. will do anything about the budget deficit and believe that the dollar will therefore not drop, as Baker and the leading Finance Ministers wish...
...Japan appeared before TV cameras with a major announcement. "Orderly appreciation of the main nondollar currencies against the dollar is desirable," said the five, and they "stand ready to encourage this." Blunt translation: the greenback is grossly overvalued in terms of how many pounds, francs, deutsche marks and yen money traders will exchange for it, and the five intend to cut the buck down to a more realistic size, obviously by selling dollars to drive down the price, though the five...
...many Japanese yen will it take to buy a U.S. dollar? What kind of insurance is going to be sold in South Korea? How many trees will be felled in Canadian forests, and how many pairs of shoes shipped out of Italy or Brazil...
...major currencies that day alone. For the rest of the week, though, the dollar drifted down slowly enough, despite actual, coordinated sales by the five governments, to leave the long-range impact of the devaluation drive in doubt. Money traders believe the five governments have specifically targeted the dollar-yen exchange rate; the yen gained 8.8% last week against the greenback, vs. 5.8% for the French franc and 3.6% for the British pound. There is no question that a lower price for the dollar would reduce U.S. imports and increase exports: if a dollar buys fewer yen, then Americans would...
...half the trade deficit, and some estimates put the dollar's contribution (if that is the word) considerably higher. By the same token, Rimmer de Vries, a senior vice president of Morgan Guaranty Trust Co., figures that if the dollar's exchange rate could be reduced to roughly 200 yen and 2.4 deutsch marks (vs. 221 yen and 2.7 marks last week), with comparable drops against other major currencies, the U.S. trade deficit might eventually be whacked all the way back down to $50 billion...