Word: yens
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...received $7.26 billion in Japanese goods last year, while exporting only $4.05 billion to Japan. "I am prepared to expend all my efforts to solve this problem. One of the major reasons for it was the recession Japan went through last year." This, along with a revaluation of the yen, slowed G.N.P. growth from an average 10% a year to 4.7% in 1971. "We favor a greater effort to export American goods, not only to Japan but elsewhere. There is an old samurai saying that a warrior is disdainful of boasting about his prowess and hence is a poor advertiser...
Joan of Arc has been many people to many writers. To Al Carmines, the off-Broadway clergyman-showman (TIME, May 22), she is an idealist with a square build, a butch haircut, a belting voice, and a yen for planting bombs in public toilets for the sake of the revolution...
Foreign Minister Takeo Fukuda, a financial expert who is closely aligned with Sato, reportedly went into the contest with the largest gunshikin, or war chest, amounting to about 1 billion yen ($3,077,000), thanks in part to the help of the domestic oil industry. Trade Minister Kakuei Tanaka, a roughhewn construction millionaire, has a fund reputed to total about...
...international agreement last December that devalued the dollar and established a new set of exchange rates for major currencies was delicately balanced. It stipulated not only what the dollar was worth in terms of other currencies, but how many German marks a Dutch guilder would buy, how many Japanese yen a French franc would equal, and so on. It was inevitable that sooner or later doubts about the value of at least one of these currencies would put the system to a severe test. The test came last week, when an explosion of currency speculation left the whole network...
...federal excise tax on U.S.-made cars, saving buyers an average of $200 an auto, and effectively wiped out the price advantage that foreign autos had enjoyed in American showrooms -first by slapping a surcharge on imports, later by campaigning successfully for revaluation of the German mark and Japanese yen. Since last fall the strategy has been paying off. Sales of imported cars so far this year have slumped to 14.5% of the total, down a percentage point from 1971; Volkswagen volume is off 23%. But sales of American-made cars are speeding up so sharply that some automen believe...