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Japan Currency

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BUSINESS
March 7, 1988 | Associated Press
Japan became the world's biggest holder of currency reserves last year, gaining an equivalent $32 billion for a total of $81.1 billion, the International Monetary Fund said Sunday. Japan replaced West Germany, despite the Germans' gain of $18.7 billion worth of reserves to a total of $78.8 billion. The United States lost $8.7 billion for a total of $34.8 billion, dropping to fifth place from third, behind Taiwan with $74.1 billion and Britain with $41.7 billion.
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BUSINESS
February 20, 2007 | From Reuters
The dollar edged up against the yen today, pulling away from a five-week low, as investors doubted that a potential interest rate increase by the Bank of Japan on Wednesday would do much to boost the Japanese currency. In Tokyo's stock market, the Nikkei average was down 0.6% early this afternoon from Monday's nearly 7-year record close. Financial markets were closed Monday in the U.S. for Presidents Day as well as Monday and Tuesday in many Asian countries for the Lunar New Year holiday.
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BUSINESS
September 29, 1992 | PAUL BLUSTEIN, WASHINGTON POST
Japanese industry, already suffering from one of its worst slowdowns in postwar history, is bracing for another bout with an old nemesis-- endaka , or a high yen. The yen surged to an all-time high of 119.55 per dollar Thursday, although it has fallen back slightly since. Over the last three weeks, the yen has risen 8.5% against the German mark and 16% against the British pound.
BUSINESS
October 5, 2001 | From Bloomberg News
Japan bought about $24.8 billion of U.S. dollars and euros last month to reverse a rise in the yen that threatened to choke exporters' earnings, according to newly released government figures. Japan sold yen seven times in the days after terrorists attacked the U.S. The most aggressive intervention in the currency market since early last year halted a 5% rally that pushed the yen to a seven-month high of 115.83 yen to the dollar. It was recently at 120.49.
BUSINESS
November 9, 1995 | From Times Wire Services
Japan, once aggressive in its attempts to rein in the mighty yen, now seems worried about sharper falls in the currency because of mounting global market concerns about the nation's banking system, economists said. "There is some hesitation among policy makers about calling loudly for a further reversal [of the dollar] if the yen's further fall reflects growing worries about Japan's banking system," a government economist said.
BUSINESS
October 9, 1998 | MARK MAGNIER, TIMES STAFF WRITER
Japan, famous for its long-standing willingness to tackle "disruptive competition" and smooth out capitalism's rough edges, is getting whipsawed by the very market forces it has tried so hard to control. In the last two days, Japan's currency appreciated by as much as 15% and the Nikkei stock index posted its best and worst days of the year. "I've never seen anything like it, it's astounding," said Charles Lambert, analyst with Jardine Fleming Securities Asia Ltd.
NEWS
February 23, 1990 | KARL SCHOENBERGER, TIMES STAFF WRITER
Joji Abe, a reformed yakuza bookmaker, ex-convict and now a popular novelist, says it didn't require much imagination to conceive of the perfect counterfeiting crime. The Japanese government pointed the way. Abe took writing inspiration from the Finance Ministry's seemingly avaricious plan to generate quick revenue by minting a commemorative gold coin and selling it off to the general public--as legal tender--at a face value more than twice its actual gold content.
NEWS
October 8, 1998 | THOMAS S. MULLIGAN and JAMES FLANIGAN, TIMES STAFF WRITERS
The value of the dollar plummeted on Wednesday, accelerating a shift that bodes well for most of Asia and, if it stands, changes the calculus of the global economic crisis. Responding to evidence that Japan at long last is nearing a political deal to rescue its tottering banking system, the yen surged and the dollar tumbled 8.1%--its biggest one-day loss against the Japanese currency in 25 years. The explosive move, which brought the dollar as low as 118.90 yen before closing at 120.25 from 130.
BUSINESS
August 6, 1998 | MARK MAGNIER, TIMES STAFF WRITER
The yen's recent decline against the dollar has rattled policymakers in Washington and Tokyo, raised the threat of government intervention in currency markets and perhaps even contributed to Wall Street's recent downward spiral. Despite all the global hand-wringing, however, the fastest path to a Japanese recovery--and the boost that such a turnaround would provide for the U.S. and global economies--may in fact be to let the currency fall further, according to some analysts.
NEWS
November 30, 1997
A country-by-country look at the economic crisis that has swept Asia, and the challenges nations face in restoring growth. (Stock market and currency changes are since Jan. 1. Currency changes versus U.S. dollar). THAILAND * Currency decline: -36% * Stock market decline: -52% * Population: 60 million. During the export boom of the early-90s, Thai banks flush with cheap foreign capital lent heavily to domestic borrowers, fueling a real estate bubble. Imports surged.
BUSINESS
July 23, 2001 | From Bloomberg News
The dollar rose in early trading today, halting a four-day decline against the yen, after leaders from the eight biggest industrialized nations didn't focus on currencies during their weekend summit, erasing concerns that President Bush might ask to stem the dollar's rise. U.S. Treasury Secretary Paul H. O'Neill also reiterated Sunday, "I believe a strong dollar is in the interest of the United States." The U.S. currency rose to 123.53 yen from 122.
BUSINESS
March 3, 2001 | From Times Wire Reports
The yen sank to a six-week low against the dollar Friday as tumbling Japanese stocks fueled concern that the world's No. 2 economy may be headed back into recession. The Nikkei 225-stock average fell to its lowest level in more than 15 years, and Japanese bonds declined. Japan's jobless rate held at a record high in January, while a drop in Tokyo consumer prices suggested deflation may be worsening.
BUSINESS
December 27, 2000 | From Times Staff and Wire Reports
The dollar suddenly is taking a thrashing at the hands of a resurgent euro currency--a trend that, if it continues, could hamper potential U.S. interest rate cuts. The euro's value rose Tuesday to 93 U.S. cents in New York, its highest level since July and a 10% gain since mid-November, as traders dumped dollars and bought euros. Meanwhile, the euro also is rising against the Japanese yen. The abrupt shift in currency values is rooted in the increasingly worrisome outlooks for the U.S.
BUSINESS
October 28, 1999 | From Times Wire Services
A surging yen sent profit at Sony Corp. tumbling for the first half of the fiscal year, though sales in its core electronics business would have shown an 11% rise in the second quarter had the yen had stayed steady. For the first half, Sony's group profit plunged 24.5% to $622 million, compared with $825 million for the same period last year. Sales for the half-year fell 7.6%, to $29.7 billion from $32.6 billion.
BUSINESS
September 1, 1999 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
The dollar hit a seven-month low against the Japanese yen Tuesday, extending a trend that experts say stems more from Japan's economic recovery than any fundamental weakness in the U.S. currency. The dollar has also faltered in recent weeks against the euro, the European common currency, as the European economy has gathered steam. If the trend continues, the dollar's weakness could help boost U.S. exports at a time when the nation is running record trade deficits.
BUSINESS
July 31, 1999 | MARK MAGNIER, TIMES STAFF WRITER
The hand signals and traders' antics have been more frenzied than usual recently in Tokyo's currency pits as the yen mounts a strong run against the dollar. Although this has boosted trading volumes, those outside trading rooms with a somewhat longer-term view express growing concern that the rise could unhinge recent signs of Japanese economic stability.
BUSINESS
March 9, 1995 | DAVID HOLLEY, TIMES STAFF WRITER
A sense of crisis swept Japan Wednesday as the dollar fell in Tokyo to yet another post-World War II low. "I can't think of any way to describe our feelings except to say that we're in shock," said Minoru Tsukada, spokesman for Oki Electric Industry Co., a leading manufacturer of communications equipment. "We never expected that the yen would get this strong." His comment reflected virtually universal sentiment here as the currency fell to a new global low of 88.
BUSINESS
September 24, 1992 | From Times Staff and Wire Reports
The Japanese yen rose to a record high against the dollar Wednesday as investors fled the turmoil of Europe and sold off U.S. investments to pour money into Japan's powerful currency. Stocks also fell for the third straight session, and bond yields rose slightly after soaring Tuesday. The yen ended at 120.15 to the dollar in New York trading, breaking through its previous record of 120.45 set Jan. 4, 1988. The dollar had ended Tuesday at 121.02 yen and fell as low as 119.
BUSINESS
February 27, 1999 | MARK MAGNIER, TIMES STAFF WRITER
Behind a veil of deference, praise and joviality, the United States on Friday delivered a needle-sharp message to Japan: Your economy is deteriorating and you need to step up your game, for the good of Japan, Asia and the world. "Prospects for Japan look worse than they did a few months ago," Lawrence H. Summers, deputy Treasury secretary, told a packed news conference in Tokyo.
BUSINESS
January 17, 1999 | TOM PETRUNO
It seems a sad commentary that to have a healthy currency these days, a country's role model has to be . . . Japan. While financial markets worldwide reeled last week after Brazil joined the Devaluation Club, the Bank of Japan was spending its days buying dollars and selling yen, trying to keep the strong yen from getting stronger still.
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