Word: yen
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...thing Egypt can always rely on is its own glittering past. The pyramids and temples that awed adventurers from Caesar to Napoleon are irresistible still, magnets for tourist dollars, marks and yen that Egypt must have to help surmount its present problems. "Egypt is a dusty city and a green tree," said Amr ibn al As, the Arab general who conquered the country for Islam's warriors in the 7th century. "The Nile traces a line through the midst of it; blessed are its early-morning voyages and its travels at eventide...
...dollar. After slipping steadily in value all autumn, last week it went suddenly into a free-fall plunge that sent it skidding to postwar lows on money markets from Tokyo to Frankfurt. When the dust finally settled at week's end, a dollar could buy only 241 Japanese yen, 2.14 deutsche marks or 2.06 Swiss francs. Since January the dollar has lost 22% against the yen, 19% against the Swiss franc and 11% against the mark. Nor has the once mighty greenback been dropping only against those traditionally strong currencies; lately it has also lost ground against the anemic...
...deep inroads into the American market for steel, color TV, microwave ovens and other products made by aggressive foreign competitors, the U.S. trade deficit is ballooning toward $30 billion, about five times the 1976 figure. That has sent the dollar to new lows against such currencies as the Japanese yen, German mark and Swiss franc, and set off a protectionist clamor for restrictions on imports to save American jobs...
...country, that would be considered low -but Japanese workers have been accustomed to guaranteed lifetime employment in the companies they joined fresh out of high school. Fukuda has announced two programs of higher spending to push up the economy, with little success so far. Yet the value of the yen, buoyed by the bloated trade surplus, has climbed 20.5% against the U.S. dollar this year and is expected to cut the competitive price advantage of Japanese goods in world markets. That would make the revival of the domestic economy even more urgent. Fukuda's new ministers are already working...
Unfortunately, none of this guarantees that the strains between the U.S. and Japan will be eased. The U.S. would like to see the yen rise even a bit more-yet the Bank of Japan has been selling yen heavily in an attempt to keep their value from rising further. The Japanese have made many promises in the past to let in more foreign goods, but have not taken enough action to please the U.S. and Europe. And Fukuda, despite his decisiveness in shaking up his Cabinet, is regarded as an extremely cautious politician. Says one disgruntled former Cabinet member: "Fukuda...