Word: yen
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...military authorities in Saigon ticked off in businesslike fashion the targets American planes had been after: airfields, shipyards, railyards, warehouses, power plants, communication towers, truck parks, and SAM and antiaircraft installations. The report stated that dozens of these targets were destroyed or heavily damaged-the Phuc Yen airfield was bombed, the Hanoi port facility on the Red River hit hard, "all buildings" in the Haiphong petroleum-product storage area were struck, and the Thai Nguyen thermal power plant was virtually wiped out, and on down the target list...
...Matisse or a Renoir in their VIP reception rooms. Japan's newly rich are also well aware that such art is now a good investment. One Osaka real estate baron recently won fame in the trade by phoning an art dealer these directions: "Get me 100 million yen [$330,000] worth of art-get me whatever you think would prove moneymaking." Japanese art buyers are operating like Sony executives all over Europe and the U.S. "No hammers go down nowadays either at Christie's or Sotheby's," one of them placidly observed last week, "without at least...
...export-minded Japanese, the prospect of another revaluation of the yen, which would raise the price of the country's goods in foreign markets, looms as a threat of almost Fujian financial proportions. Japanese products, after all, lost some of their competitive edge in last year's Smithsonian monetary realignments, during which the yen was revalued against the dollar by more (16.89%) than any other currency. Japanese businessmen want to avoid another such jolt at all costs. As a result Japan's trading partners, who have long sought to reason and cajole Tokyo into removing some...
...suggested that the International Monetary Fund impose penalties on any nation that piles up giant surpluses in dealings with the rest of the world, and refuses to do anything to reduce them (TIME, Oct. 9). Japanese newspapers interpreted his speech as an attempt to push Japan into revaluing the yen, and their screaming headlines touched off a brief panic on the Tokyo Stock Exchange. Result: the Japanese government took prompt action to bring in more imports and give less encouragement to exporters...
Last week, sensing a possible Japanese revaluation, European money dealers exchanged massive amounts of dollars for the yen, driving it above its official limits in relation to the greenback. Thus foreign moneymen, and even some Japanese, continue to think that revaluation is inevitable...