The Yen Is Cornering Japan Inc.

Not since the aftermath of the 1985 Plaza Accord to devalue the dollar has Japan seen such public displays of high-yen hysteria. "Yen Shock," screamed the headline in one of Tokyo's afternoon tabloids as the Japanese currency sailed to an all-time high of 116 to the dollar on Feb. 23. "This really troubles me," moaned Shochiro Toyoda, president of Toyota Motor Corp.

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