Japan looks like being hardest hit by the American decision to devalue the U.S. dollar.?
Japan looks like being hardest hit by the American decision to devalue the U.S. dollar. There was heavy selling on the foreign exchange market as soon as it opened today (Wednesday) after being closed since Friday. Norvous buying also hit the stock market, though not on the scale of last week when millions were wiped off share values. Investors were reported to be watching developments now the Japanese government has agreed to let the yen float. Reactions of the business community are mixed. Some fear serious losses in key exports, particularly to the United States. Other business leaders feel the economy can absorb the combined effects of a devalued dollar and floating yen without serious damage.