Where American Exports Thrive

The soaring yen may be hurting the Tigers by raising their production and debt service costs, but it's clearly helping the U.S., whose exports to emerging Asia hit $92 billion last year--nearly double their 1989 level. Indeed, in February and March, the U.S. ran a trade surplus with the four Tigers for the first time since 1981.

Noting that exports to Hong Kong, Singapore, South Korea, and Taiwan are running 28% over 1994, economist Joseph Quinlan of Dean Witter Reynolds Inc. argues that yen appreciation is now enabling American companies to best their Japanese competitors in these markets. "If Tiger currencies also rise against the dollar," he says, "the appeal of U.S. products will be that much greater."

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