Word: yens
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...barometer of speculative sentiment the gold market was clearly registering a landslide vote of no confidence in the dollar. The only major exchange market that was quiet throughout the week was Tokyo, where bids and offers for dollars were readily available at a fairly stable price of 265.5 yen...
...fixed values of some currencies are bouncing up and down like acrobats on a trampoline. Since late 1971, for instance, the British pound has risen from $2.49 to $2.64, sunk to an all-time low of $2.32, and last week closed at $2.44. Five important currencies -the pound, Japanese yen, Canadian dollar, Swiss franc and Italian lira-are "floating" with no fixed exchange rate at all. They sell at prices set mostly by supply and demand. That arrangement creates new uncertainty for importers, exporters, investors and tourists, who never know exactly how many dollars will be needed...
Whenever foreign dollar holders get especially nervous, they can force a crisis by shifting their money into some other currency-usually the Japanese yen or German mark-that they think is strong. If the currency rises in value, they can profit by turning their yen or marks back into more dollars than they had before. In financial demonology, they become evil "money speculators" who are attacking the dollar. Some of these speculators are investors who will put their money wherever they get the highest interest rates. They may sell American bonds, buy marks with the dollars that they...
...inflow of dollars panicked Swiss authorities, who stopped buying up the greenbacks; the dollar's price in Swiss francs dropped 7%. That did it. Bankers, Arab oil sheiks and treasurers of multinational corporations feared that the U.S. currency would fall against the German mark and the Japanese yen as well; they unloaded their dollars in staggering quantities. The West German Bundesbank had to buy more than $6 billion in six days to keep the price from falling below the floor of 3.15 marks set by international agreement. The Bank of Japan was forced to swallow more than $1 billion...
...Triffin, an international financial expert and a member of TIME's Board of Economists, foresees a whole round of currency changes occurring at any time from the next few days to eight months from now. He predicts an increase of roughly 10% in the value of the Japanese yen, a 5% to 10% upward revaluation of the mark, other revaluations for the Dutch guilder, Austrian schilling and Belgian franc. Because the dollar then would be worth less against these currencies, the result would be a further devaluation of the dollar averaging about...