Word: yen
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Japanese businessmen spent some $5 billion in mostly tax-exempt yen entertaining themselves and their clients last year-more than twice what the Japanese government spends on defense and at least 20% more than the outlay for education. The figure was up as much as 30% from 1971, which showed a 17% rise over the year before-despite a decline in Japanese corporate profits. About 1/2% of the country's gross national product now goes for corporate entertainment. So many salaried workers have expense accounts-including nearly every salesman-that the Japanese commonly refer to their country as shayo...
...United States is becoming even more delicate. The attitude of the Nixon administration toward Japan in recent years has been characterized by tough tactics, striking swiftly to force Japanese acquiescence. President Nixon used these tactics in his "New Economic Policy" of August 1971 which compelled Japan to revalue the Yen, in his announcement of the China trip as well as his forcible settlement on the textile issue...
...strong feeling of uneasiness, frustration and estrangement from the rest of the world. Recently there appears to have been a revival of something like the old sense of isolation, because the United States has led the other Western powers in "ganging up" on Japan--forcing it to float the Yen...
...determined by supply and demand. But instead of precipitating a complete free-for-all, the six partners agreed on a joint float, in which their own currencies will remain fixed in value against each other while fluctuating in unison against outside money like the U.S. dollar or Japanese yen. Several nations had to compromise individual policies to make that solution possible. Most notably, West Germany increased the value of the mark 3%. That move, which will make German exports a bit more expensive, has little economic justification except that it may be necessary to calm speculation. France, for its part...
After a year of investigation, a top-level executive committee is now offering a combination of technology and tradition to close the gap. Mitsubishi's giant IBM System/370 Model 165 computer has been put to work making matches. For 8,000 yen (about $30) a Mitsubishi worker can get the names of as many as ten employees of the opposite sex best matched to his or her own talents, traits and concept of an ideal mate. Eight courtship counselors, most of them wives of Mitsubishi executives, guide candidates in making final selections. "Mitsubishi boys and girls spend...