Word: yen
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...dollar's current strength is a mirror image of its weakness in the late 1970s, when it sank to new lows against the West German mark, the Swiss franc and the Japanese yen. Then, many of today's problems were reversed. The abject dollar worsened U.S. inflation by raising the price of imports. European leaders angrily charged that the weak American currency made U.S. exports too cheap and was thus hurting the sale of European goods. The failing dollar also encouraged the Organization of Petroleum Exporting Countries to keep jacking up oil prices since member countries were being...
...Americans favor trade restrictions to protect American industries and jobs. The American trade deficit with Japan could well reach a menacing $21 billion this year. It results partly from superior Japanese competitiveness and products, partly from unfair Japanese barriers to trade, and partly from an overvalued dollar and undervalued yen. Most Democratic presidential candidates, including Walter Mondale, have courted the labor vote by urging new kinds of protectionism. A former Japanese ambassador to the U.S., Nobuhiko Ushiba, said in April that he had "never seen the mood on Capitol Hill as ugly as it is now toward the Japanese." Unemployed...
...lawyer earns $31,000 and a university professor $29,000. In addition, although their income is taxed, doctors make thousands more on the side from tips that are discreetly passed on by patients. After her operation, the thyroid patient delivered a box of candy with five 10,000 yen bills ($215) hidden at the bottom. Says she: "I was told that's what everyone does...
...quick!]" For the two officers stationed at the Ochanomizu police box in the heart of Tokyo, the complaints were typical. Within 15 minutes they had soothed the be reft woman with a promise to be on the lookout for her pet (it was found), lent the penniless youth 560 yen ($2.33) from a special emergency fund in exchange for a signed IOU (four out of five such loans are repaid) and radioed for a patrol car to break up the marital battle. Said Sergeant Shigeo Takahashi, grinning with satisfaction: "You stand here for a quarter of an hour...
There is quite a bit of money to pass: his estimated income last year was $542,000. The other terrors include the temptations of easy but sleazy money. "Some people offer as much as a million yen ($4,200) for an hour-long lecture. You can even get away with a talk about what you did yesterday. I refuse any such request. To me it is corruption...