Word: yen
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Have you hedged your portfolio against the falling dollar? If not, there's still time to act. Since January 2002 the greenback has declined 25% against the euro and 16% against the Japanese yen. And many foreign-exchange experts say the dollar may drop an additional 5% to 10% against major currencies over the next year. One key reason for the dollar's woes is the bulging U.S. trade deficit, which is likely to top $600 billion...
...boasts a European market share of 1.7%, now on par with VW's Skoda brand. And Toyota's Yaris, packed with features and options for under $17,000 in most markets, is a bargain compared to VW's $18,000 Golf. The euro's strength against the yen is also bolstering Asian automakers' profit margins, putting pressure on higher-cost manufacturers. VW's competition is also heating up in China, now the world's hottest car market. The firm's market share has fallen from 60% to under 40% in only two years as more than 100 local and foreign...
...uncertain that Japan can continue to prop up its exporters through currency intervention. Immediately after the G-7 meeting, the yen appreciated to 111 per dollar, its strongest level in nearly three years. Since 115 yen per dollar, a much weaker level, was widely assumed to be Shiokawa's target, currency traders are now waiting for Tanigaki, the new Finance Minister, to show his hand. Although he has already said that exchange rates "should stably reflect fundamentals" and that he would "take action to make sure that happens," Tanigaki hasn't yet demonstrated how much, if at all, he will...
...soothe the concerns of other industrialized nations and to demonstrate that Japan is committed to free trade. On the other, exchange rates have a direct and measurable impact on exporters?and Japan's recovery is still fragile. Credit Suisse First Boston estimates that every 10% appreciation in the yen could cut recurring profits in the manufacturing sector by 10% and reduce annual GDP growth by nearly a third of a percentage point...
...That Japan must play this currency game at all suggests that the country's economy is still in disarray and that the growth a weak-yen policy has helped to produce does not provide the foundation of a lasting revival. As economist Richard Katz writes in a recent issue of his newsletter, the Oriental Economist, "If Japan's economy were basically healthy, then most of the recent economic indicators would justifiably be taken as the classic signs of an economy in recovery." But Japan's economy is not basically healthy, he argues, at least not yet. Although there have been...