DOLLAR ROCKS YEN

Whether or not the dollar's new 15-month high against the Japanese yen is good news or bad news for Americans depends on your perspective, says TIME's Adam Zagorin. Posting its third consecutive gain, the dollar hit 102.82 yen by late Thursday trading in Tokyo. "Secretary Rubin would applaud this development," Zagorin notes. "As long as the dollar is strong, people will continue to conduct international trade and business with the dollar, and to invest their assets in it. On the other hand, the dollar's strength versus the yen may further aggravate the U.S. trade deficit with Japan. Since we have a stake in re-energizing the seriously flagging Japanese economy, though, that's arguably a pain we should bear."