Word: yen
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...dollar gained against the Japanese yen today, passing the crucial 100-yen mark, rising to 101.55 in late New York trading . . . Dow Jones industrial average up 6.79 points, closing at 3,753.81 . . . N.Y.S.E.'s composite index rose 0.45 to 252.99 . . . NASDAQ stock gained 1.25 to 719.92 . . . American Stock Exchange up 1.26 to 441.60 . . . Gold lost $0.60 to $376.70 on the Commodity Exchange in New York . . . The 30-year Treasury bond closed with a yield of 7.52 percent, down from 7.54 late Friday...
...making nice a day after Washington threatened to impose trade sanctions against Tokyo in 60 days. Today, officials from both countries expressed confidence that an agreement to lower the trade imbalance between the two countries would be reached soon. Their optimism notwithstanding, the dollar fell yet again against the yen to close at 99.40 -- below the psychologically important level of 100 yen. The reason? Ross Taylor, senior vice president of the Japanese bank Daiwa America, told TIME Daily: government figures this week will show that the trade gap widened in June. Moreover, Taylor says, the U.S. is expected to react...
...good news was tempered by figures showing consumer spending slowing and inventories piling up in stores and factories, reversing a nine-month trend. The economic picture caused rallies in stocks and the 30-year treasury bond market -- overshadowing the dollar, which managed to stay above the 100-yen mark for the second...
There were other rocky moments for Clinton and his economic advisers. The U.S. had excluded in advance any coordinated attempt to deal with the economic problem of the moment: the decline of the dollar against the Japanese yen and the German mark. Clinton insisted that the dollar would eventually steady by itself. Maybe, but after his remarks it promptly fell again, and hard. A senior Administration official quickly hedged on the President's earlier remarks, saying the U.S. "would never rule out" supporting the dollar if necessary...
Doing nothing has its dangers too. The drop could feed on itself until it got totally out of hand. One helpful factor is that the dollar is considered to be undervalued: it will not buy as much as an equivalent number of marks or yen. In a rational world the dollar would rise until the purchasing power of the various currencies was equalized. But waiting for rationality in currency markets is like waiting for the really big earthquake to hit California: it could come tomorrow, or in the next decade, or not in our lifetime...