The dollar has snapped out of its holding pattern and now appears poised to gain further ground against the yen in the months ahead.
There is talk that Japanese banks have turned selective in issuing letters of credit in the wake of last month's terrorist attacks in the United states.
Their move to keep a tight rein on the issuance of credit instruments could have a serious negative impact on international trade and put the brakes on Japan's already slowing exports.
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