Word: yen
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...falling dollar really such a big deal? Since 2001, it is down 33% against the euro and 20% against the Japanese yen and has weakened against the pound and Canadian dollar as well. This broad slide has made goods produced in the U.S. more affordable to foreigners with stronger currencies. In the short run, foreign buying is a boon to U.S. factories that only now are emerging from their worst rut since the Great Depression. In fact, though U.S. officials say they want a strong dollar, the open secret in Washington is that they are in no rush to make...
...flatly there will be no dollar dumping. "Our foreign-reserve planning is in terms of 100 years," he said. Holding dollars, "sometimes we enjoy profit. Sometimes we suffer loss. So what?" The point is, it gives Japan flexibility. "Who knows when we might have to intervene to support the yen" after years of supporting the dollar? he asks...
...strong capital investment. But these could be stifled by high oil prices, a slowdown in the U.S. economy or a cooling of China's gangbuster growth. Ongoing weakness in the U.S. currency is also a major concern: the dollar recently sank to a five-year low against the yen, making Japanese goods more expensive in America. Automaker Nissan estimates that the company's profits could fall by $105 million for each one-yen drop in the value of the dollar...
...dwell on the relative strength of your currency. Which is why you might expect American self-esteem to be in decline, for the dollar has fallen 24% against the euro since the beginning of 2003, touching a record low last week, and 15% against the Japanese yen. But the U.S. economy being a strange beast, few Americans have felt any impact from the dollar's fall...
...national confidence after World War II. Britons over age 60 were born into a world with four dollars to the pound and then lived through periods in the 1980s when there was near dollar-pound parity--which contributed to a pervasive sense of national decline. The strength of the yen in the bubble years of the late '80s convinced many that Japan had become "Number...