Word: yen
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Among the extraordinary documents are signed receipts for Lockheed cash. One, from Hiroshi Itoh, an executive of Marubeni Corp., a trading company that acts as agent for Lockheed, reads, "I received one hundred peanuts"-meaning 100 million yen...
...more substantive issues, no agreement is likely. France and some other countries will ask for a revision of the present exchange-rate system, under which supply and demand in money markets determines the value of dollars, marks, francs, yen and other currencies. They want a "stable but adjustable" setup that would pledge central banks to keep fluctuations between the dollar and other key currencies within a limited range, perhaps...
...Secret Yen. But the military is only one of Pike's many interests. Says an official biographical memo he wrote about himself: "He can fly a plane, navigate a boat, play a piano (or a ukulele) . . . swing an ax, sing a song . . ." The son of a Republican Long Island banker, Pike grew to admire Franklin Roosevelt during the New Deal and joined the Democratic Party at 21. A Princeton graduate who finished Columbia Law School in 1948, Pike was first elected to Congress from his conservative Long Island district in 1960 ("I've always been surrounded on three...
Since early 1973, the world's major currencies have been "floating"-that is, how many U.S. dollars or Japanese yen a German mark, say, can buy has been determined by the forces of supply and demand in foreign exchange markets and not, as in the past, by government fiat. The system seemed to work well for a while. Now, however, a growing number of Europeans are concluding that floating rates have been a failure. The harshest critic has been France, which last week ceased to allow the franc to float freely against all other money. Instead, it will rejoin...
...second half of the year (production rates already are inching up, and jobless rates down). But they are hardly sufficient to bring back the halcyon era of double-digit G.N.P. growth that Japan enjoyed before it was rocked by twin economic shocks in the early 1970s. Dollar devaluations and yen revaluations raised prices of Japanese goods abroad and cut into export earnings; that plus quintupled oil prices touched off the inflationary explosion...