Word: yen
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With its slanty eye cocked on China, all Japan trembled with patriotic fervor last week. General elections were coming, the budget was unbalanced, the yen was falling, Government bonds were off. But about such things few subjects of the Emperor cared when Japanese arms were carving out world headlines in Shanghai, Nanking, Harbin. Flags fluttered from every Tokyo home. Troops drilled in every barracks. Full of martial memories, reservists tramped back and forth to business, pretending their umbrellas were guns. Proud Japanese fathers lectured their sons on the honor of dying for Nippon...
Bonds of the Imperial Japanese Government, which had already dropped some 30 points, dropped ten more points last week to 61. Tokyo City bonds dropped over seven points. Bonds of Daido Denryoku Kabushiki Kaisha (Great Consolidated Electric Power Co. Ltd.) dropped over 13. The yen sank to a value of 35?, lowest level in history...
...they were in the same 1930 period-1,069,000 bales v. 490,000. January sales were probably about 500,000 bales against 315,000 in December. Great arguments were waged last week as to whether these purchases were for munition-making or to safeguard spinners against a further yen-drop...
First act of the new Inukai Cabinet fortnight ago was to take Japan's yen off the Gold Standard (TIME, Dec. 21). Last week the outgoing former Finance Minister, thrifty Junnosuke Inouye, famed for wise and adroit retrenchment, boiled over in helpless rage. "There was no technical reason for the action taken by the new Cabinet!" he charged. "It enabled a small number of persons to reap huge profits,* but it will do irreparable damage to our country's financial position!" Blandly the incoming Finance Minister, venerable Korekiyo Takahashi, said that he would not trouble to draft...
...speculation against the yen, which declined from 49,625 fortnight ago to 41.44'' last week. Efforts to sell the yen short were discouraged by Wall Street bankers and blocked whenever possible by Japanese bankers when the short sale would have been for a white man's account. But irate Mr. Inouye charged in Tokyo that Japanese tycoons and banks managed to operate against their own currency to the tune of some $300,000,000, thus patriotically keeping most of the speculative profits in Japan...