Little more than a year ago, Japanese companies seemed invincible in the American market. Because the dollar was so strong, Japanese products were relatively inexpensive in the U.S., and Americans seemed to have an insatiable appetite for Toyotas, Sonys and Nikons. But now that the dollar is diving, the prices of Japan's goods are suddenly on the rise in the U.S. As the dollar hit a record postwar low of 174.60 yen last week, Japanese manufacturers fretted that their exports would be devastated, and rival American businessmen broke into broad smiles.
In Tokyo, Prime Minister Yasuhiro Nakasone urged his Cabinet to...
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