Word: yen
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This time, the worst drubbing came in Japan, where the dollar opened the week at 200.1 yen and was instantly engulfed in a tidal wave of selling hysteria. Though the Bank of Japan spent a remarkable $400 million in official reserves during the first 25 minutes of trading on Monday in an effort to halt the collapse, the once mighty greenback still crashed through the psychologically important 200-yen barrier and kept plunging all week. At its Friday close on the Tokyo Exchange, a dollar would buy only 192.10 yen, a depreciation of nearly 5% in a week...
...that the Japanese economy is an export-led one, but every American must also know that the U.S. is a consumer's economy. So if the American people do not reduce their consumption, I will not be surprised when the exchange rate between the two countries is 1 yen to 200 U.S. dollars. How about that...
...program, Fukuda is trying to create greater buying power at home and thus expand imports. Japan has succeeded in holding the volume of its exports to last year's levels; but the value of those exports has shot up 20% this year due to the rise of the yen against the U.S. dollar. Ironically, a number of the country's domestic producers are being driven out of business by low-priced imports from developing lands. At some Japanese plants, workers are destroying textile machinery so it can be sold as scrap...
...standards of living and sets poor, middle class and rich to snarling at one another. It also weakens the dollar overseas: foreign moneymen rush to dump greenbacks out of fear that inflation will steadily erode their value. Last week the dollar slipped to a record low of 201 Japanese yen, down almost 17% just since January. The dollar's slide, in turn, makes U.S. inflation worse because it raises the prices that Americans pay for imported goods...
...auction to four smaller rooms and the nearby Westbury Hotel ballroom for the overflow. As Wilson proceeded to knock down one record price after another, the dizzying figures were flashed on an electronic board above him in pounds, U.S. dollars, French francs, Italian lire, West German deutsche marks, Japanese yen and Swiss francs...