Word: yen
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...past decade, Shojiro Suzuki has watched his wealth slowly slip away. The 861-sq.-ft. house in Tokyo that he bought 13 years ago for 60 million yen ($492,000)? It's worth half that now. The stock portfolio worth 16 million yen ($131,000) back in the late 1980s? A paltry 3 million yen ($25,000) now. His salary of 8.5 million yen ($70,000)? The same for 10 years. To make matters worse, last week the stock ticker in his office's front window taunted him every time he walked by. On his way out Monday...
...America's $3.4 trillion in federal public debt is 35% of GDP.) "Japan's public finances are very near collapsing," Finance Minister Kiichi Miyazawa said in uncharacteristically blunt remarks on March 8. He wouldn't say he was trying to drive down the price of the yen, but that's exactly what happened. The next day he backtracked...
...They're also looking at Japan, and the fact that despite the U.S. slowdown and falling interest rates, the dollar is still strong - which means that foreign investors see even worse ahead for their own economies. And if the dollar stays strong relative to the yen and the euro, that means still more pain for U.S. manufacturers, who'll have more trouble competing with lower-priced foreign goods. In Wall Street's eyes, all that spells doom...
...stuff. I used to wear kogal fashion too, but not anymore. Now I have a part-time job in a Japanese inn serving breakfast and stuff but I also know some store managers here in town that give me day jobs, so I make about 30,000-40,000 yen a month. My dad gave me this Louis Vuitton purse. Yeah, it's small, but it's a brand name. I manage to save a little money. Very little...
...lend a shred of credibility to an unpopular administration when YOSHIRO MORI came to power last April. So Miyazawa's unusually frank remarks last week about Japan's economy carried a particularly powerful punch. The country's finances, he said, "are near a state of collapse." The yen quickly slid to 20-month lows. Within days, Mori revealed to government insiders that he intends to step down...