Word: yen
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Ohira's shaky political mandate also dooms his proposal for a tax hike to correct Japan's mounting deficit. The deficit, combined with a high inflation rate and a sharp drop in the yen, may have grave consequences for an already strained U.S.-Japan economic relationship. Japan has already begun to stopper its yen drain. These economic pressures will certainly curb Japanese willingness to liberalize import restrictions at a time when John Connally is bellowing about letting the Japanese sit in their Toyotas on the docks of Yokohoma. The only possible Japanese concession to American opposition prevails and cuts...
Still, Fraser has a yen to see European-style ''co-determination'' spread in the U.S. In West Germany, Sweden and Denmark, workers sit on supervisory boards. Studies suggest that they have little impact on corporate policy-for good or ill. Notes one German industrialist...
After the upheavals caused by Volcker's monetary policy moves, the international commodity and money markets last week were enjoying rare refreshing quiet; the dollar held its own in Europe and rose dramatically against the yen in Japan. At the same time, gold slipped moderately to end the week...
...Long ago, the entire species was like some modern aboriginal peoples (the Damara and some Hottentots in Africa, for example) who possess words only for numbers up to three, every larger quantity being simply expressed as "many." A fascination with the multiplicity of things, together with a quenchless scientific yen, pushed the main body of mankind, however, inevitably into its present plight-a time when so many stunning measurements are bandied about that numbers plunge in and out of the brain more like galaxies than pigeons...
...making further and even steeper price increases virtually inevitable. Yet people are not about to change their attitudes until inflation itself is brought under effective control. If that does not happen, the nation may some day discover that "basket of currencies" does not mean merely francs, marks and yen but also, perhaps, bullion, baubles and condos...