Word: yen
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...More. A more fundamental question is whether the dollar really can be treated no differently from the franc, mark, yen or lira. The dollar can no longer be the sun around which the entire monetary system revolves because the U.S. has lost the overwhelming financial dominance that it enjoyed in the 1940s, when the old system was created. But the American economy is still strong enough to make the dollar at least first among equals...
Last week new charges of Korean atrocities were reviewed. A Lower House Deputy, Nguyen Cong Hoang, one of the representatives of Phu Yen province, had prompted an official investigation several weeks ago into a My Lai-type massacre that reportedly occurred in his province on July 31. On that day, troops of the First Battalion of the "Tiger" Division's 26th Regiment were conducting a mopping-up operation. As the troops passed near Phu Long hamlet, they were fired upon by small arms. A platoon leader and a sergeant were killed. The Koreans dug in and, with the approval...
...more practical level, Yokoi is confused by the decline in the value of the yen; his previous monthly army pay, 20 yen, is one two-thousandth of the pay for the same rank today. "Before the war," he laments, "I could have a perfectly satisfying evening out on a mere 10-yen note. Now you might spend 10,000 yen and the geisha will still say no." Yokoi is increasingly concerned about how he will earn those yen. "If I turn tailor again, as I was before the war, I would only go broke; I would be disqualified from...
...relentless work ethic of the Japanese is an awesome force to contemplate-even in Japan. The Tokyo government, fearing that frequent complaints from foreign competitors whom the Japanese outhustle might help stir demands for another revaluation of the yen, is now trying to persuade the nation's employees to work fewer hours and take more holidays. The Labor Ministry and the Ministry of International Trade and Industry have extended the campaign to bosses by fining supervisors who insist on working holidays and their normal days off. The fines range from $3.25 to $6.50 for each violation-a much larger...
Though the yen was revalued in December, many Japanese firms absorbed much of the consequent price increase for their products abroad and continued to boost their exports. In addition, the expected price decline for American goods in Japan has not materialized, and some items have become even more expensive. Reason: Japanese distributors have maintained pre-revaluation prices on many U.S. goods and pocketed the extra money. Malmgren warned that Japan's failure to help ease the deficit quickly could lead the U.S. Congress to pass more protectionist laws...