On the Money

How a Falling Dollar Hurts Us

The past week was a sad one for America. The once almighty dollar sank to its lowest level since World War II in relation to the Japanese yen. Twenty-five years ago, a $1 bill was worth 360 yen. Today it's worth only 100 yen, and at one point last Tuesday it dropped below 100. The most common affliction of U.S. travelers to Tokyo is not jet lag. It's sticker shock. For people who pay in dollars, the top hotels are so expensive, they ought to offer mortgages.

It's more or less the same story in Germany, where the dollar has fallen...

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