Word: yens
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Although President Derek C. Bok is a decent, thoughtful man, his greatest fault is not an insatiable yen for fairness. The president is a skillful showman who gets a lot of mileage out of his trash-finding trots through the Yard...
...dollar began its descent. To begin with, the greenback fell only modestly at first, down about 9% between February and July of last year. During the next eight months, however, it fell a more dramatic 19%. Indeed, it is still falling. Last week the dollar bought only 153.6 yen at one point, the greenback's lowest level since the late 1940s. The dollar has fallen some 39% against the yen since early...
Last year Japan's banks overtook their U.S. counterparts as the world's largest international lenders, with $650 billion in loans outstanding, compared with $600 billion for American institutions. As the Japanese banks have seen their assets balloon, partly because of the rapid appreciation of the yen against the dollar, they have become more ambitious, aggressive and resourceful. The Japanese have bought up banks in the U.S. and Australia, financed iron-ore mining in Brazil and provided funding for the underwater Chunnel, which will link England and France. Taking their cue from Japanese manufacturers, banks like Dai-Ichi Kangyo have...
...budget deficit." Ironically, Michigan, where the auto industry has been battered by Japanese imports, was saved from a budget crisis in 1982 when the Mitsubishi Bank agreed to guarantee $500 million worth of the state's bonds. Almost no project is too large or too small for the yen-laden financiers. Last year the Bank of Tokyo lent $5 million to a group of New York developers who were building an office complex in a run-down section of the Bronx...
...wonder that the Japanese have a yen for the deregulated Euromarket. Since the U.S. Occupation after World War II, Japan has had one of the world's most tightly regulated financial systems. To prevent the concentration of capital in a few hands, the Japanese put into their banking law a word-for-word translation of the American Glass-Steagall Act, which prohibits banks from underwriting corporate securities. In addition, the Japanese have restrictive rules on the interest rates that banks can pay depositors. Says Nobuya Hagura, president of Dai-Ichi Kangyo: "The regulations are outdated, and they inhibit business performance...