Word: yen
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...addition, Shultz said, Japan has decided to float its yen, thus tearing it away from its fixed exchange rate with the dollar...
...Japanese currency, the secretary said, the United States expects the yen will rise in value against the dollar over the 10 per cent change...
Monetary experts from the big Western nations had been searching for ways to halt the crisis. They were talking in terms of seeing the West German mark and the Japanese yen revalued upward...
Tanaka's first budget, on which debate will begin next week, is disappointing. At $46 billion, it is 25% higher than last year's-an inflationary increase suggesting that Tokyo's crafty moneymen anticipate international pressures for another revaluation of the yen. More damaging, there is only token acknowledgment of the reordered priorities that Tanaka spoke of so feelingly before the election. What of the tax reductions that he promised would be "the largest in history"? They work out to $50 a year-enough to buy four bottles of beer a week-for the average Japanese salary...
...record $4.2 billion at year's end, and U.S. officials warn of further trouble unless "sure signs" of improvement appear in the next two or three months. Tokyo's efforts to ease the imbalance have been complicated by the facts that the revaluation of the yen 13 months ago has been slow to take effect, and that the recovering U.S. economy is simply absorbing more Japanese exports. Before long, some bold steps may be necessary-the kind that Kakuei Tanaka once promised, but now seems less and less able to deliver...