Word: yen
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...fears, with yields on 30-year Treasury bonds hitting 7.06 percent, up from 6.98 percent late Wednesday. Key victims of the frenzied sell-off included heavy weights Allied Signal, 3M, Exxon, Coca-Cola and Procter &Gamble. The dollar, meanwhile, also suffered, taking a slight dive to close at 123.48 yen and 1.6898 marks...
Japan, where massive government spending programs have brought the economy "back from the lip of meltdown," said Courtis, is a study in contrasts. "The multinational manufacturers are today stronger than they've ever been," thanks to the weak yen (currently trading at 124 to the U.S. dollar). But "small and mid-sized Japan is going through a brutal rationalization." In four years, Courtis predicted, "we'll see 10% of GDP wiped out through liquidation of these companies." The big question is whether a new tax program announced by the government--equivalent to a whopping 2% of GDP--is too strong...
Mediated by Alfred Yen, a professor from the Boston School of Law, the panel focused on the role of affirmative active in college admission policies...
What a beast! The pumped-up U.S. dollar has been kicking sand in the face of the yen and the mark. Last week the greenback climbed past 123 Japanese yen, a four-year high, and traded 1.65 against the German mark, a 2 1/2-year peak. Barely two years ago the U.S. currency traded at its postwar low. Europe and Japan love a strong dollar, since it lowers the price of their exports, which can stimulate more sales for their struggling economies. But cheaper Toyotas aren't good for everyone--for instance, General Motors and Chrysler reported weak sales last week...
Craig's mother, younger brother and roommate, Lucy Yen '99, said in emotional testimony at the sentencing that they think about Craig every day, according to Weiss. They also said they believed Driscoll was arrogant and not remorseful...