Word: yen
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...highly unusual show of fiscal solidarity, the U.S. Treasury today launched a selloff of its own currency, hoping that driving down the dollar would arrest the fall of the yen. "The Japanese recession has set off alarm bells in Washington," says TIME correspondent Bruce Van Voorst. "If the yen continues to fall, it will put pressure on China and other Asian economies to devalue their currencies to remain competitive, and that would have a disastrous effect on the already huge U.S. trade deficit...
...walking tall on Wall Street, is a sobering thought. Still, hard times in Tokyo can be good news for U.S. investors. "The time is coming when you should be buying Asian stocks," says Kadlec, who recommends placing around 5 percent of your portfolio in the troubled region. A tumbling yen also helps keep inflation down stateside, not to mention making it a little cheaper to vacation in the land of cherry blossoms...
WASHINGTON: Maybe it's the summer weather. Or the falling yen. But Alan Greenspan just doesn't wow 'em like he used to. "The current economic performance, with its combination of strong growth and low inflation, is as impressive as any I have witnessed in my near half-century of daily observation of the American economy," Greenspan said Wednesday in testimony before the congressional Joint Economic Committee...
...Japan: Moody's Investor Service, whose job it is to tell you which banks your money is safe in, downgraded five key Japanese banks, and is looking at four more. Result: The Japanese yen continues to fall -- and the Japanese economy continues to atrophy...
...called a wealth account, will be understood not simply as a "stock" or a "bond" but as an instrument designed to match your financial needs with the available options. In the same way a FORTUNE 500 treasurer may use derivatives to balance his or her need for pesos and yen, wealth accounts will precisely balance your demand for investment and consumption. Says Christos Cotsakos, CEO of online brokerage group E*Trade: "The wired household is the ultimate bank." Your checking deposits, for instance, might be programmed to scour an electronic Web looking for interest-bearing investments overnight while you sleep...