Word: yen
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...comes the Asian Meltdown, as turmoil across the region shakes markets from Hong Kong to Wall Street. Last week it was Japan and South Korea that gave the world a jolt. No sooner had rumors of a possible South Korean collapse swept out of Seoul than the Japanese yen and the Tokyo stock market plunged to their lowest levels in two years. Across the Pacific, the ill winds from Asia blew the Dow Jones industrial average into a 157-point drop on Wednesday. "The real problem in East Asia is not Thailand, Indonesia or the Philippines," says Kenneth Courtis, chief...
...wealth for the rest of the world--not threatening to suck it dry. But banks in Japan and South Korea now groan with bad debts that could push both countries into deep, prolonged downturns. In Japan, public confidence is at a postwar low and nobody wants to spend a yen. Korea is cash strapped and politically rudderless, with a presidential election just four weeks...
...Wall Street Journal at the end of this summer with a whole bag of neat promotional items, which my editor had wrangled out of the advertising sales staff I gave my dad the magnetic paperweight with sculptable metal pieces in the shape of world currency, including yen and deutsche marks, but I kept the CD case for myself...
Sony's profits came under increasing pressure as harsh pricing and a strong yen battered electronics makers. No matter how many Walkmans Japan's best could sell, the idea that the company could make the leap from gadget producer to player in the multicultural, multimedia universe was considered, to twist an old Sony advertisement, baloney...
...yen fell to a six-month low this week, U.S. Treasury Secretary Robert E. Rubin wrote to his Japanese counterpart urging Japanese leaders to boost the country's stagnant economy. Rubin is especially concerned about the impact of a financial meltdown in South Korea, one of Japan's fiercest regional competitors. Japan may be tempted to let the yen fall in value if the same thing happens to the South Korean currency. That could cause the U.S. trade deficit to grow $60 billion to $110 billion by early 1999, experts...