Holy #$¥!
I've been collecting various odd facts and witty stories lately, trying to decide what my next blog post should be, but this little bit of news took me by surprise.
Today, the exchange rate from yen to dollars fell to less than ¥96 per $1.00.
That's the lowest it's been since 1995.
I'm not sure what to make of this yet. It has both positive and negative aspects, I guess...but the one thing that looks certain is that the US economy seems to be in the crapper. Although some Japanese companies are in a better position to deal with this than the last time the yen got really strong (i.e. in 1995, over 50% of Isuzu's export sales were to North America; now it's less than 20%), many here are worried that the Japanese economy will be dragged down as well. Not to mention the world economy, of course....
Labels: uh-oh
posted by Rob @ 3/17/2008 07:17:00 AM
3 Comments:
Terrifying day in the US economy, certainly, to have a bank sell at $2/share Sunday that was trading Wednesday at $84/share.
http://money.cnn.com/news/specials/americas_money/2008/
Crap.
Aym
Agreed, that's all the talk around here - the economy has gone over not only a speed bump but landed into a sink-hole.
The biggest fear is are we going to be right sized out of a job soon.
Gold has reached $1032 or more per ounce.
Does that mean instead of having you buy a bunch of crappy Japanese stuff for me to sell on ebay.com and make it rich, I should actually be buying a bunch of crappy American stuff to have you sell on ebay.jp? (yes - I know all the crappy American stuff is actually made in China, just play along, OK?)
Seriously though, as much as I personally don't like the notion of a big ol' recession sweeping across the land, it does strike me that we need a big wake-up call to rethink are overly consumer ways...
Or maybe its just me.
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