Word: yen
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...Hashimoto's words had the desired effect: Trading in Tokyo ended on a yen surge against the dollar and a 200-point boost in the Nikkei index. But was this just electioneering -- Hashimoto made the crowd-pleasing comments at a campaign rally. The July 12 parliamentary election will be a referendum on how Hashimoto performed during this crisis. Unless his Liberal Democratic Party thrives in the election, Hashimoto's promises could turn out to be empty...
...hours after midnight, Washington time, financial markets opened in Europe. The Fed and the Japanese central bank began buying yen. As traders scrambled to adjust, the yen jumped 5.2% for the day. In Japan an upbeat Hashimoto pledged "every effort" to restore the country's debt-burdened banking sector and "open and deregulate its markets...
...Ford on his stock-shopping list because he likes his Explorer and sees his local dealer moving lots of iron. Then he sees Ford stock pull back hugely on Monday, and his mouth waters. But did he consider that Ford's business plan could be derailed by a weakened yen, which amounts to a giant coupon for discounts on Japanese cars? Or did he not think about it and just hope to get lucky...
...hard it will be for China to keep the value of its currency stable, bear in mind that these reports have appeared just before Bill Clinton's trip to China. Chinese officials, who have promised they will not devalue the renminbi, have started issuing veiled warnings that with the yen falling, staying the course may be problematic...
...choice but to abandon that link, with possibly disastrous results for its stock and property markets. We got a taste of what that might mean for the U.S. and Europe at the beginning of last week, when global stock markets began cascading downward because of the weakness of the yen. The disarray in those markets coupled with China's complaints prompted the U.S. and Japan to intervene last week to prop up the yen...