JAPAN: A Yen for Revaluation

International finance was dominated last week by a Pirandellian discussion of a statement that everyone solemnly insisted had never been uttered. The alleged non-remark was a request that Japan increase the value of the yen, and it supposedly was not made by U.S. Assistant Secretary of State Philip Trezise at an informal meeting of U.S. and Japanese government officials at Lake Kawaguchi near Tokyo.

In fact, Trezise did say it. But when the news leaked, he told a press conference that of course he would not presume to advise a foreign government...

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