Word: yen
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...Shanghai open money market soon reacted to the Occident's firm stand at Shanghai and Amoy. In terms of U S dollars, the Japanese yen fell below the value of the Chinese dollar, the yen falling under 16? while the Chinese dollar held firm at 16.11?. For the Japanese, who have been trying to persuade the Chinese that their money was just as good as Chiang Kai-shek's and who have made valiant efforts to keep Japanese-sponsored currency at par with the British and U S-supported Chinese dollar, this was as serious...
...Japan there were further headaches. The Tokyo yen has been officially pegged at 27?, U. S. currency. With the Japanese-backed North China currency now cheaper, money-smuggling was due for a boom. That the financial situation of Japan in China (not to mention Japanese prestige there) had suddenly taken a turn for the worse was evident when Toshigo Somma, Shanghai secretary to the Japanese Minister of Finance, suddenly departed for Tokyo for advice and counsel. And in Japan proper, the Government began a census of gold which included plates, rings, antiques, but not teeth...
Baffling to Chinese coolies are the ramifications of the Chinese-Japanese currency war. Although Japanese Armies have driven beyond many of their homes, they still do business in Chinese dollars. Moreover the Chinese dollar, convertible into foreign exchange as the yen is not, has the support of British financiers, remains the dominant money of China. For 14 months the Japanese have tried to supplant it with Federal Reserve notes in North China, military notes in Central and South China, and have recently announced a new bank of issue, the China Commercial Promotion Bank, whose notes are to circulate...
...decided to build a rolling mill machinery subsidiary. Hard-headed George Ladd promptly sold them the Wooster mill and last week he announced that it was being shipped, lock, stock & barrel from Wooster to Yokohama, Japan where it will be operated by Shibaura-United, capitalized at 16,000,000 yen ($4,000,000) and 49% owned by United...
...January 6 a bale of silk (132¼ Ibs.) in Japan cost 840 yen ($229). On March 2 the price hit 1,080 and the Japanese Government stepped in and stopped trading for a few days. Nonetheless, the price climbed to 1,195 yen ($325) on April 19, stood last week at 1,160. When this 40% price rise began, the small group of U. S. branded hosiery makers (such as Gotham and Phoenix) which control their resale prices had already announced their spring prices. For fear that unbranded rivals would undercut them, they did not raise prices and continued...