Here Comes A Global Slowdown

"I really am displeased," complains Japanese Finance Minister Ryutaro Hashimoto. No wonder. Since the final days of the gulf war, the dollar has spurted 9% against the yen and 17% against the German mark. To currency traders, the estimated $50 billion that has poured into the greenback is America's reward for global leadership and a sign that the U. S. is emerging from recession. But Hashimoto is far less sanguine. "I am greatly concerned," he says, that the dollar's rise "will not be good for the world economy."

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