Word: yen
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Another Chinese classic scheduled for reissue is Midnight, a 1933 novel about an evil and greedy capitalist, by Shen Yen-ping; fittingly, perhaps, he adopted the pen name Mao Tun, meaning contradiction. After the Communist takeover in 1949, Mao Tun abandoned literature for politics and eventually became Minister of Culture. In 1965 he was fired-apparently at the behest of Mme. Mao-and his early fiction was banned. Last month the 81-year-old author reappeared in print after more than a decade of silence...
...vehement as this year. With good reason: partly because Japan's home economy-the third biggest in the world, after the U.S. and the Soviet Union-has shown little growth, its industrialists have launched a spectacularly successful export drive. Despite a rapid climb in the value of the yen, which should raise the price of Japanese goods in world markets, the nation's surplus of exports over imports is heading toward a record $15 billion this year, draining money out of the economies of the U.S. and Western Europe...
...Reserve System again stepped hard on the monetary brakes by selling Government securities to drain bank reserves and raise the cost of borrowing. With oil imports propelling the U.S. balance of trade deficit toward an alarming $30 billion this year, the dollar last week skidded sharply against the Japanese yen, the West German mark and the Swiss franc. "Economically," conceded a White House aide, "it's been a rotten week for the Administration. I mean it's bad enough to have businessmen and stockholders causing all sorts of commotion without having to worry about international money managers...
...Stalinism. Like the immigrants of his new novel, the author looked to California, where some of his earlier novels, including Spartacus, had been turned into film scenarios. He wrote science fiction and mysteries under the name E.V. Cunningham, eventually acquired a house in Beverly Hills, a Porsche and a yen for Zen Buddhism...
...Affairs, believes that the major central banks can easily smooth out the money market movements caused by the dollar's drop. Adds Brookings Institution Economist Robert Solomon, noting the big trade surpluses enjoyed by the Japanese and the West Germans: "To any reasonable person, the appreciation of the yen and the mark is desirable." Moreover, Solomon contends, the shift in rates is not that great. For example, though the dollar has slipped roughly 10% against the yen in recent weeks, it is down only 3% against the mark and a mere 1% in relation to other currencies. Says Solomon...