Word: yens
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...dollar: We are fully cooperating with President Carter's dollar-defense measures through the swap mechanism [through which the central banks of Japan, West Germany and Switzerland extend the U.S. credit to buy yen, marks and Swiss francs]. I believe this swap system should be enlarged to make it even more effective...
...East is the diplomatic and military support of the U.S., which it will jeopardize if it plays games with the dollar. Anyway, the Saudis are stuck with the buck; by now they could get out of dollars only at ruinous cost to themselves. There just are not enough marks, yen or Swiss francs available for them to buy with their dollars. Long before they converted any large portion, their sales would have driven the value of their remaining dollars down so much as to make their own reserves worth much less...
...money supply. So those who sold dollars regarded the sales as a can't-lose bet. Their thinking: So what if the dollar is undervalued? It will probably go down some more, and Washington won't buy dollars to prop up the price. Get out of dollars and buy yen, marks, gold, anything...
...deepening nosedive that carried the Dow industrials down 105 points in the twelve trading days before last Wednesday. Gold shot up $17 an oz., to $243, in five days. The dollar sank and sank, in five days establishing four successive post-World War II lows against the Japanese yen. To Washington's alarm, the dollar fell not only against the strong German, Swiss and Japanese currencies but also against some of the world's weakest moneys?the Italian lira, the Spanish peseta, even the Canadian dollar, which earlier had fallen further and faster than its U.S. cousin...
These huge imbalances not only cost American workers jobs and help fan U.S. inflation but have also contributed mightily to the weakening of the dollar. In theory, the 40% fall of the greenback against the yen over the past two years should have helped correct the U.S.-Japanese trade imbalance. This would happen if Japanese exports became more expensive and therefore less attractive to American buyers, thus cutting the cost of U.S. exports to Japan. To some extent, this has happened. For instance, Toyota's U.S. sales fell almost 8% in the first nine months of 1978, partly because...