Japan: Getting Back to Yen

The New York Stock Exchange was not the only exchange to exceed itself last week. In Japan, on the football-field-sized trading floor of the Tokyo Stock Exchange, prices rose until they surpassed their previous peak, set on July 18, 1961. Japan's Dow Jones average —calculated in roughly the same way as the American Dow-Jones but otherwise unrelated — closed for the day at 1,839 yen ($5.09), ten points above the seven-year-old record.

The Tokyo market's performance reflected the increasing strength of the Japanese economy. This year, despite a 6% rate of inflation, Japan may over take West Germany as the No....

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