Word: yen
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...Sato and his pro-American policies. His party can probably stay in power, but much rancor against the U.S. will remain. About the best that can be said of the settlement is that it frees both U.S. and Japanese officials to concentrate on weightier matters-revaluation of the Japanese yen, for example, and removal of the U.S. 10% import surcharge on all foreign goods. Americans and Japanese can only hope that on those issues both sides will have more of a feel for the other's sensibilities than they have shown in the sorry textile mess...
When the surcharge is finally lifted, Canada stands to benefit from both a pickup in the U.S. economy and the revaluation of other currencies, especially the Japanese yen. Of far greater concern to Ottawa at the moment are two Nixon Administration bills that passed the House of Representatives last week: an investment tax credit of 7% for companies buying equipment made in the U.S. and a bill setting up a Domestic International Sales Corp. DISC, as it is called, would give U.S. companies generous tax benefits to produce items for export inside the U.S., thus eliminating any incentive to expand...
Confucius once said, "A musical note is worth a thousand words." This exact evaluation may be a little off because of the Oriental yen for the arts, but with the President's price feeze, the exchange rate must be roughly equivalent. In any case, the sports board has decided to relinquish-this-space to the editorial page for some in depth analysis of the powers behind the football world: The battles of the bands...
...think you would conclude that they already have got, or could get within a week or ten days, as much as there is any reason to think they could get quickly. The Japanese have budged from the position that they won't change their currency rate, and the yen has floated up more than 7% against the dollar; it should be no great job to get the increase up above 10%. The German mark is up around 9%, and the rise could go higher. We have agreement that negotiations will begin on a new international monetary system...
...Unemployment is high, especially among unskilled Africans; almost every factory and store bears a sign that reads, in the Matabele language, HAPANA BASA-no work. Foreign-exchange holdings are at their lowest in five years, and Rhodesia has been particularly hard hit by the recent revaluation of the Japanese yen, which made Japanese automobiles and other manufactured goods costlier than ever...