Word: yen
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...National Police Agency, suicides in Japan in 1996 totaled about 23,000, more than double the number of traffic fatalities. Meanwhile, the reluctance to admit there are indeed problems has seeped onto the economic bargaining table in the most recent round of American-Japanese talks surrounding the falling yen. The New York Times reported that the two nations' leaders have two different conceptions of what change is necessary for financial problem solving...
...figures underline the importance of yesterday's U.S. intervention to boost the yen -- further devaluations in Asia would swell the already bloated deficit. Some relief may eventually come from Europe, however: "If Europe's economies keep bouncing back, their increased demand for U.S. exports will offset some of the losses in Asia," says Baumohl. Until then, it's going to be a rough ride...
...selloff was the surest sign that the global danger posed by the Asian crisis is far from over. But Van Voorst believes the action won't be sufficient to save Japan: "The few billion that the U.S. spends on propping up the yen are spit on a hot stove," says Van Voorst. "They're important mostly as a psychological reassurance to Tokyo. It's up to the Japanese to get themselves back in shape." Japan has been sluggish in responding to G7 pleas for urgent action, but Treasury official Larry Summers flies to Tokyo later today to press the case...
...YORK: So the salad days are back, right? The Federal Reserve's yen-propping Wednesday certainly had the desired effect: The yen rebounded, the dollar retreated, and the Dow, in one spectacular burst, erased nearly all of Monday's losses and closed up Wednesday 164 points in the black. Tonight, look for Asia to be back in a buying mood...
...used to it. "I'd be very suspicious," says TIME Wall Street columnist Daniel Kadlec. "This was a relief rally -- an excuse to bargain-hunt on the good yen news." Psychology, even on hair-triggered Wall Street, can only take the Dow or NASDAQ so far north. "There's a long history of central banks proving themselves unable to force a currency to stay up or down," says Kadlec. "The economic fundamentals always...