Word: yen
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...industrial nations, held at Rome's Palazzo Corsini, principally in a conference room decorated with Renaissance paintings of voluptuous nudes. At midweek the Finance Ministers and central bankers of the Ten shooed their aides out of the room and began talking numbers-just how many pounds, francs, marks, yen and lire a dollar should be able to buy. They did not fully agree, and they did not even begin to settle some basic controversies over tariff, farm, investment and defense policies (see box next page). But then progress on the money front vastly increased the chance that the currency...
Dollar devaluation seems inevitable. It will not affect the domestic purchasing power of the dollar. But Americans will pay more for Volkswagens, Sony TVs, Givenchy dresses, Swiss watches and all other imports because the prices set for those goods in marks, yen and French and Swiss francs will be higher in terms of dollars. Similarly, the American travelers' dollars will buy less abroad, so the cost of tourism will rise. On the other hand, the foreign-money prices of American coal, computers, jet planes and other exports will drop. Eventually, the U.S. hopes, its exports will rise enough...
...Japanese yen would be revalued upward by about 12½%, and the German mark by roughly 7%. Counting in the dollar devaluation, that would make Japanese goods at least 17½% more expensive and German products 12% costlier than American items. Meanwhile, all currencies would have "wider bands," meaning that they could shift up or down by an additional 3% or so from their official parities, depending on supply and demand...
...sheer stagecraft. Treasury Secretary John Connally's stopover in Japan last week rivaled a Kabuki drama. Two weeks before his arrival, rumors began emanating from the U.S. and Japan: in exchange for lifting the American import surcharge, Connally would demand that Japan revalue the yen upward by 15%, reduce the number of color television sets, automobiles and other big-selling items it ships to the U.S., pay part of the cost of keeping U.S. forces in Japan and drop trade barriers against U.S. farm goods. The Tokyo press started referring to the Secretary as "Typhoon Connally...
...expect. Except for Mary Magdalene, everyone uses or abuses Jesus. Even the Apostles, who might well have come on as some sort of ideal commune brotherhood, are clearly presented not loving Jesus but wanting to ride with him on some sort of spiritual trip. They also display an ambitious yen to retire and "write the Gospels, so they'll still talk about us when we've died...