Advice To Japan: Start Importing More
Currency traders call it the "red zone," that dangerous area where the dollar drops to 75 yen. With the dollar not much above 80, alarm bells are going off. The greenback is firming against the German mark and the yen stands exposed as the global problem currency, which no amount of financial fine-tuning can fix. The dollar crisis has become a yen crisis, in truth an import crisis. Japan's only hope of regaining control of its currency is to lower its trade barriers.
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