Word: yen
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...much more oil than Western Europe or Japan and thus stands to be hurt less severely than they by the energy emergency. In the past six weeks the dollar has climbed about 10% against the French franc, 8% against the German mark and 7.5% against the Japanese yen...
...American tourist cashing his traveler's check at Tokyo's Hotel Okura got a bundle of good news. Each of his dollars bought 280 yen, 15 more than the going rate just two weeks before. "The difference isn't much," he smiled, "but suddenly I feel a hell of a lot better. The good old U.S. dollar is getting back to where it should be-the world's best money...
Jeans and denim skirts seem to have become a permanent part of many women's wardrobes, but the pure proletarian look is quickly receding. The new, rather reactionary yen is to set off casual clothes with touches of camp or swank. Result: a growing trend toward offbeat tops as snazzy, jazzy, individualistic mates for the denims. During the summer this took the form of T shirts with silk-screen designs (Marilyn Monroe pinups, for example), funny messages ("Keep on Truckin' ") or advertising slogans ("Try it, you'll like it"). For fall and winter the fad is expanding...
...dawdling by the Europeans. Earlier this year, the Egyptians backed out of the two-year-old commitment because the partners indulged in what Egyptian Oil Minister Ahmed Hilal described as "disgusting" bickering among themselves, besides insisting that they be paid in a bewildering assortment of currencies ranging from yen to pesetas. By contrast, Kidder's package was too good to pass up: the 207-mile pipeline would be built by Bechtel Incorporated of San Francisco, a vastly experienced international construction firm, and it would be paid for in dollars. Provided that the latest flare-up in hostilities ends...
...factors have taken the urgency out of the drive to create a new monetary system. First, the world has stumbled into a de facto system of "floating" exchange rates in which the dollar price of the German mark, French franc, Japanese yen and British pound is set by supply and demand-and it has proved stable enough. Second, as a result of two formal dollar devaluations, a further downward float, and ravenous worldwide demand for the farm products that the U.S. grows, America is no longer spilling out dollars abroad at an alarming rate...