Word: yen
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Susan and Slick are the chief characters in Ethel Vance's new novel. In two previous novels, Escape (TIME, Sept. 25, 1939) and Reprisal (TIME, Nov. 16, 1942), Author Vance, who under her real name (Grace Zaring Stone) also wrote The Bitter Tea of General Yen, has used her talent for melodrama to best-selling effect. .But Winter Meeting is quite a different kind of book-a brief, sharp study of the way in which lives may be turned upside down in the twinkling...
...Perry in reverse, General Douglas MacArthur last week opened the door for the resumption of foreign trade with Japan. But it would not be like the old days, when Japan did the world's fourth-largest export business (3,533 million yen, about $1 billion, in 1936), used its credits to build up vast stockpiles of war materials...
...Tokyo the rich were madly spending to avoid tomorrow's tax, and the poor were madly striking to pay tomorrow's bills. No one knew what tomorrow's yen might be worth...
...inflationary trend. To supplement a stiff war-profits tax ordered by SCAP (Supreme Commander of Allied Forces in the Pacific) last fall, the Government has prescribed a set of anti-inflationary measures which one U.S. correspondent dubbed SCAPitalism: 1) restriction of cash incomes to a monthly maximum of 500 yen (about $33 at the present arbitrary rate of exchange); 2) freezing of bank accounts (individuals may not withdraw more than 300 yen a month); 3) collection and distribution of essential foodstuffs through official channels only...
Every beggar now has two or three 100-yen notes, once as rare in Japan as a $100 bill in the U.S. Half-yen notes are used as nose-wipers. A group of men spent 35,000 yen on a night's spree at the seaside resort of Atami, taking care to bring their own slaughtered cow for food. Five pounds of black-market rice would fetch 5,000 to 7,000 yen (official price...