Word: yens
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...their ancestors--an annual August festival known as O-bon--subway commuters were treated to a rare opportunity: enough elbowroom to actually open their morning newspapers. That was a mixed blessing, given that the news was so grim. Amid the usual litany of ominous rumblings about the sagging yen and anemic economy were reports that the Long Term Credit Bank, Japan's 10th largest financial institution--which is to say, bigger than almost any U.S. bank--was in imminent danger of collapse. The bank's "bottomless" stock price (27[cents]), screamed a tabloid, could mean only one thing: CRISIS AFTER...
...YORK: The Dow was up again on Wednesday morning. In Japan, the yen has stablilized. So your sagging portfolio is finally safe, right? Wrong. TIME Wall Street columnist Daniel Kadlec believes that the bargain-hunters who've been buying since Tuesday's nadir (which represented a 10 percent correction of the Dow's July high) will be disappointed with their purchases. "Just because the stocks are cheaper, doesn't mean they're cheap," he says. "According to fundamental measures, we're still in nosebleed territory. The markets are still in a lot of trouble...
...still wallowing in a gigantic pool of bad bank loans and stagnant economic numbers. They point to a plethora of rescue plans and billions of dollars earmarked to jolt the economy awake. Granted, nothing seems to have worked yet. But the U.S. intervention to bolster the value of the yen last month and a stream of editorials decrying Japan's lack of resolve have spurred Tokyo to further action. Just last week, Prime Minister Ryutaro Hashimoto announced the establishment of a national bank to enable Japan to close insolvent banks while protecting their honest borrowers. He later said he would...
...mistakes are all but forgiven these days, Tokyo is regarded as the regional deadbeat. Treasury Secretary Robert Rubin, who pronounced China "an island of stability" in Asia's economic crisis, reminded people in Malaysia, Thailand and South Korea that he was "deeply, deeply" concerned about the value of the yen. Other officials were tossing off background critiques of Japan (whose Finance Minister, Hikaru Matsunaga, has been referred to as Minister for the Destruction of the World Economy) and warning that if its leaders didn't take "decisive action" fast, the world's second largest economy might drag the rest...
...nationally televised retreat from his pledge by Hashimoto on Sunday, Japanese officials have executed an impressive flip-flop. Hashimoto hadn't actually "used the words 'permanent tax cuts,'" said Deputy Chief Cabinet Minister Teijiro Furukawa, and Obuchi "didn't make a public promise." That rug-pulling sent both the yen and the Nikkei index tumbling in Monday's trading and left the rest of the world wondering whether any of Japan's promises to anxious U.S. officials over the past few months have been worth anything at all. It certainly doesn't look that...