Yen/USdollar exchange rates

John Mage jmage at panix.com
Mon Feb 4 11:27:49 PST 2002


Charles Jannuzi wrote: ...

> Moreover, US investment in Korea and the US's own manufacturing more

> than met the Japanese challenge in RAM (though the disastrously

> high yen from 1994 had more to do with this than anything--and

> don't kid yourself, the high yen was US policy). ...

I'd be much interested in your take (and Dennis') on Halevi and Lucarelli, "Japan's Stagnationist Crises" http://www.monthlyreview.org/0202halevi.htm in the current (February) Monthly Review. They are in enthusiastic agreement with you on this point, to wit: "The devaluation of the U.S. dollar in the wake of the Plaza Accords was a deliberate instrument for furthering the unilateralist U.S. strategy of opening up markets for U.S. corporations and its main target was Japan."

john mage



More information about the lbo-talk mailing list