Word: yen
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...years we've been hearing that the U.S. dollar's days as the world's dominant currency are numbered. Remember when the yen was going to supplant it? Then came the euro. Next up: the yuan...
...name of special drawing right (SDR), and it is the currency not of some foreign rival but of the Washington-based and traditionally U.S.-dominated International Monetary Fund (IMF). It isn't even really its own currency, since it derives its value from a "basket" that contains dollars, euros, yen and pounds. (See 25 people to blame for the financial crisis...
...officer came along and defused the situation. But he is not alone in his rage. In southern Kien Giang province in December, angry villagers threw flaming gasoline canisters at police commandeering their property and briefly held three of them hostage, forcing one to disrobe. Last year, farmers in Hung Yen province battled authorities trying to seize their land and resell it to developers. "Men, women and children fought back with their bare hands, with mud, with anything they could grab," said Nguyen Dinh Liem, who was working in his rice paddy when police arrived. "I had never seen that kind...
Investors keen to protect their precious cash have sought security in all the usual places in recent months. The U.S. dollar, the Swiss franc and the Japanese yen - each with a history as a safe haven - have all provided homes for nervous depositors' cash. But as the economies of those three countries flounder, it's time to look around, and smart investors think they've discovered a new harbor to protect them from the choppy economic seas. "The best safe haven currency," analysts at banking giant HSBC wrote in a research note this month, is Norway's. According to HSBC...
...krone's strengths also reflect the current weaknesses of rival currencies. The yen and the Swiss franc had been doing pretty well amid the chaos. The Japanese currency, for instance, rose more than a fifth against the dollar in the last four months of 2008, as previously big-spending investors cashed in risky assets overseas and brought their earnings home. But that's changing. Japan's economy is in freefall. In its latest assessment of the global economy published March 19, the International Monetary Fund forecast the country's output shrinking by 5.8% this year, much more than...