Word: yen
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After 1977, when foreign cars grabbed a then record 16.7% of the market, their sales began to slip, partly because the yen rose enough against the dollar to drive the prices of Japanese imports up by 25%. But suddenly last spring, gasoline shortages reappeared, and demand for small cars took off. Because Detroit does not as yet produce enough economy models, thousands of would-be American car buyers have been forced to turn to imports...
...imports are relatively cheap now partly because the yen fell back sharply against the dollar last year. Generally, their prices have risen by just 1% to 5% since the start of the 1979 model year, while those of U.S. cars have moved up sharply: the cost of a Chevette has climbed by 13.1%, the Ford Pinto hatchback by 15.8% and the Omni/Horizon...
...Carter Administration imposed minimum or "trigger" prices for imports based on a complex formula. Imports have fallen off to 14% in this year's first nine months, and the trigger price was reduced 1% to $347.55 a ton for the third quarter. But with the yen weakening almost 23% against the dollar this year, the Japanese are becoming even more competitive. So American steel men are again unhappy and want the trigger price to be raised considerably. Steel men believe Government pricing decisions -from the Kennedy jawboning and the Nixon controls to the Carter guidelines -have been responsible...
However, he does have skeptical reservations about journalism and regards reporters as hostages to the whims, slants and manias of press tycoons. Night and Day, like some British journalism, is partially caught in a time warp with The Front Page and the yen for scoops...
Iran has been trying to induce other members of the OPEC cartel to refuse payment for oil in dollars and instead to demand a "basket" of other currencies, presumably West German marks, Swiss and French francs, and Japanese yen. In fact, there is not nearly enough of these currencies available to pay for the huge oil transactions, and European and Japanese governments would wind up unavoidably having to expand their money supplies in a most inflationary way to accommodate the deals. Fortunately, the Saudis and other oil producers plan to continue accepting dollars. To ban them would cause...