Word: yen
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...week's nerve gas attack on the Tokyo subway system that killed 10 and injured thousands, with hundreds still hospitalized. In another cult building, police found underground rooms that they believed were used to imprison people who tried to flee the sect. Police found millions of dollars worth of yen, piles of gold bars and tons of chemicals in cult buildings, including theingredients of sarin-- the nerve gas used in the Tokyo attack -- as well as glycerin compounds that could be used to make explosives. The leader of the group, Shoko Asahara, remains at large although he has broadcast messages...
...scenes in Europe and Asia reflected the frenzy at trading desks everywhere as day after day the dollar and other currencies crashed to new lows. Before the panic abated, the once mighty American buck was worth little more than 88 yen and 1.36 marks (it fetched 238 yen and 2.94 marks in 1985); so far this year, the dollar has skidded 9% against both the yen and the mark. But the dollar's troubles were only part of the turmoil: the British pound, the French franc and the Italian lira also tumbled, and the Mexican peso resumed its free fall...
...countries use it as a means of payment and hold it in their treasuries as a secure store of value. Such universal respect for the dollar has made it the linchpin of global finance and greatly enhanced American prestige abroad. But with foreign governments steadily dumping dollars to buy yen and deutsche marks over the past decade, the U.S. currency now accounts for only about 60% of the world's reserve holdings, down from...
Whatever happens, many experts agree that the dollar must increasingly share the stage with the yen and the mark as a worldwide reserve currency. "There is little doubt that the dollar is in transition to a less dominant status in the global financial system," says David Hale, senior economist for Kemper Financial Services, based in Chicago. Investment guru Jimmy Rogers likens the situation to the pound's decline: "When sterling started losing its role as the world's reserve currency, especially after the Second World War, there was a sterling crisis every year. It was a constant and ongoing thing...
...dollar took a steep dive over four days last week-hitting record lows against the yen-but leveled off when Federal Reserve Chairman Alan Greenspan hinted at an interest-rate hike...