Enduring Endaka

Henry D.G. Wallace knows firsthand the shock of the surging yen. The veteran Ford Motor Co. manager just moved to Hiroshima to help fix Mazda Motor Corp., which is 25% owned by Ford and lost $466 million last year. The yen's might has made a difficult fix-it job a lot tougher. "Even at 105 [yen to the dollar], we were in a loss-making position," says Wallace, a Mazda executive vice-president. "And now we've seen it strengthen to 97."

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