Word: yen
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...financial center. Those concerns have gone the way of the franc, lira and deutsche mark. Thanks to London's ability to exploit its long-standing expertise in marketmaking and English's position as one of Europe's primary languages, there are now more euros traded for dollars, pounds and yen each day in London than in the euro-zone countries combined. The City's share of the world's foreign-exchange trading has risen to a third, more than any other city. But London's dominance of Europe doesn't end with currencies. According to the Centre for Economics...
...Adam Sandler (Click) or Ben Stiller (Night at the Museum) in a certain kind of comedy - and Cruise can get their attention by testing the tensile strength of Oprah's couch - but somehow these guys don't fit the image of movie star. The Harris poll suggests the yen for a platonic ideal: the humane man (Washington, Hanks, Smith), or the tough hombre (Wayne, Eastwood, Gibson, Ford), or the matinee idol (Depp, Clooney) or the pretty woman (Roberts). These are not just people we want to watch, says the poll, but people we want...
...cause stocks to fall precipitously. The sell-off could be triggered by any number of lurking dangers-an adverse geopolitical event such as an act of aggression against Iran, say, or the implosion of a massively leveraged hedge fund, or a loss of enthusiasm for the popular but perilous yen carry trade, whereby speculators borrow money cheaply in Japan's currency and then use it to bet on higher-return assets around the world. If that rich source of global liquidity were to dry up, the impact would be far greater than today's sanguine investors realize...
...Chinese will no doubt point out in response that they have already let their currency rise almost 6% against the dollar in the year since it was unpegged. Being historically minded, they could also note that when the U.S. forced Tokyo to allow the yen to rise sharply against the dollar in 1985, Japan was plunged into a recession from which it is still struggling to emerge. Given the social unrest already plaguing an economically booming China, they might add, the chaos such a prolonged economic downturn could engender is frightening to contemplate. These arguments are of course...
...Zoellner writes in his book on the diamond industry The Heartless Stone, American men are expected to spend two months' salary, but for British men, it's only one month. Japanese men have an even worse deal: they're expected to spend three months of their hard-earned yen...