Word: yen
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...investing invasion is also playing havoc with Tokyo's economic plans. It has, for instance, jacked foreign demand for the yen to dangerous levels. The Japanese central bank has spent $25 billion this summer to stem the yen's rise, but the exchange-rate creep could strangle a recovery before it starts...
Inside Japan, business leaders who believe the economy is snapping back propose a kind of pincer movement for national regeneration. According to this theory, the government--led by economics friendly Prime Minister Keizo Obuchi--spends lavishly to stimulate a small amount of economic growth. By putting trillions of yen in the hands of consumers, Obuchi's program saves the economy (to say nothing of his political career) and gets consumers to finally start spending. In time, that growth encourages Japan's out-of-date manufacturing firms to begin a difficult restructuring. The result is a top-down, bottom-up postindustrial...
...much worse. That means printing money. Some economists, led by Paul Krugman of the Massachusetts Institute of Technology, think that inflation -? and, more important, the prospect of more inflation to come -? may provide the crucial incentive Japan needs. "By forcing prices up and eroding the value of the yen," says Baumohl, "you might convince people that whatever they?re going to buy, they?d better buy now, because in a month it?ll cost more." The same goes for saving -? why hoard your yen when they?re steadily decreasing in value...
Berry and his senior team agreed but did almost nothing to alert Wah Lim, according to the report. On May 7, 1996, without informing State, Lim assistant Nick Yen faxed the panel's draft conclusions to scientists in Beijing. Soon after, the rockets' reliability improved dramatically. State and Defense Department officials found out about the Loral fax, went ballistic and called in the Justice Department. Loral executives insist the fax was a clerical error, but federal and congressional investigators want answers: Did Loral vips deliberately choose not to know too much so China could get what it wanted...
Berry and his senior team agreed but did almost nothing to alert Wah Lim, according to the report. On May 7, 1996, without informing State, Lim assistant Nick Yen faxed the panel's draft conclusions to scientists in Beijing. Soon after, the rockets' reliability improved dramatically. State and Defense Department officials found out about the Loral fax, went ballistic and called in the Justice Department. Loral executives insist the fax was a clerical error, but federal and congressional investigators want answers: Did Loral VIPs deliberately choose not to know too much so China could get what it wanted...