Word: yen
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...international monetary upheaval also accelerated the great shrimp rush. Before the new currency rates were set, the Japanese wanted to get rid of some of their huge supply of U.S. dollars and used them to buy shrimp on world markets. Now that the yen is worth more in terms of "old" dollars-17% more when revaluation is completed-trading greenbacks for shrimp has become an even better bargain. Whether or not the shrimp is sounder than the dollar, the fact is that shrimp can be stockpiled safely for more than a year, and they are always in tremendous demand...
Monetary Brew. The negotiated realignment among major powers will increase the worth of Japanese yen by 17% in terms of the "old" dollar; in all, the West German mark will go up 13.5% against the dollar, and the Dutch guilder and the Belgian franc will rise 11.5%. The French franc and British pound will be formally unchanged; but, with the dollar's devaluation, they will go up 8.6% relative to U.S. money. Italy and Sweden will devalue their currencies slightly, by 1% each, but still end up 7.6% higher than the dollar. In return, Treasury Secretary John Connally said...
...airlines. F.S. Holway, president of the Coal Exporters Association of the U.S., calculates that an 8% devaluation would have the same effect as a price cut from $14 to $13 a ton on coking coal sold to Japanese steel mills. The actual effect would be even greater, since the yen will go up a total of 17% against the dollar. American farmers stand to reap some of the biggest gains. For example, about half the Midwest soybean crop and 85% of the winter wheat grown in Washington State is sold to foreigners. Farmers look forward to still richer sales abroad...
...world's primary economic problem since President Nixon on Aug. 15 declared that the U.S. would no longer redeem foreign-held dollars with gold. In the frenetic currency trading that followed, the mark has floated up 12.2% in value against the dollar from its last official rate, the yen 11.6%, the British pound 4.1%. The U.S. seeks to push some foreign-currency values up even more, and make the new rates official; it originally aimed for foreign revaluations averaging 12% to 15%. The Europeans and Japanese have demanded that the U.S. formally devalue the dollar as part...
Even Unhappiness. The Europeans have been divided. Germany is willing to see the price of the mark rise 12% from its last official level relative to the dollar, but it has two other goals. One is to force the Japanese yen up by a higher percentage in order to reduce the price advantage that Japanese goods hold over German merchandise in export markets. The Germans also want to push the French franc up as much as possible in order to minimize any French advantage over Germany in trade within Europe...