Word: yen
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...nervous, confused quiet returned to the exchange markets. Treasurers of multinational corporations and money speculators began searching for other currencies that might rise in value. They started buying the Japanese yen, the world's most obviously undervalued money, which is likely to rise within several months. The speculation was mild only because Japan tightly controls the exchange of yen, leaving little available for purchase abroad. The price of gold, the traditional refuge for savers who distrust paper money, jumped in London to a 21-month high of $41.50 an ounce...
...stampede away from the dollar, and toward not only the mark but every other strong currency in sight. Foreigners poured an unbelievable $1 billion into Germany in a single hour on Wednesday, and exchanged other giant sums of dollars for guilders, schillings and Swiss francs. Even the Japanese yen became a haven. Tokyo commercial banks holding dollars sold $340 million of them to the Bank of Japan for yen on Thursday alone...
...investment. Many Japanese industrialists tirelessly contend that their economy is an "adolescent" that needs protection against the big, rich, "mature" competitors of North America and Europe, but that argument clearly is not valid today. Japanese manufacturers also have an unnatural price advantage in world competition because their currency, the yen, is undervalued. Tokyo economists reluctantly concede that the yen must be revalued upward; there is likely to be a 5% revaluation within a year...
WRISTON: Another thing is that they have complete exchange control, and the yen is not free. You can sell it for dollars or buy it for dollars only under limited circumstances. So a free market has never set an exchange rate for the yen. I think that is ridiculous. Until they have convertible currency, we will never know what their real trading power is. Everybody says the yen is strong. Let it go out into the world market to compete, and then we will find...
...within a year or two. Washington policymakers would not be at all displeased, because that would make U.S. exports more competitive in world markets. Most often mentioned among the candidates for revaluation: the German mark, the Swiss and Belgian francs, the Dutch guilder, the Japanese yen. For the longer term, the Common Market nations are slowly moving toward creating a Eurocurrency that would challenge the dominance of the dollar in world monetary affairs...