JAPAN: Cracks in the Barriers

To export-minded Japanese, the prospect of another revaluation of the yen, which would raise the price of the country's goods in foreign markets, looms as a threat of almost Fujian financial proportions. Japanese products, after all, lost some of their competitive edge in last year's Smithsonian monetary realignments, during which the yen was revalued against the dollar by more (16.89%) than any other currency. Japanese businessmen want to avoid another such jolt at all costs. As a result Japan's trading partners, who have long sought to reason and cajole Tokyo into removing some of...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!