The dollar declined abruptly in value against the yen in the second quarter of 1994, spurring the central banks of seventeen nations to coordinate a series of intervention efforts in the world's currency trading markets. In addition, the dollar's decline sparked discussions of the possible policy moves the United States and other nations might take to stem the fluctuations in the value of the dollar. Economic theory and empirical evidence indicate that the underlying movement of the exchange rate is tied to the long-term, macroeconomic movements of the economy, or to the combined movements of the economies of different countries, such as the United States and Japan. These macroeconomic factors account for at least half of the overall movement of exchange rates.

On May 9, 1995, the United States initiated action designed to resolve a dispute with Japan dealing with automobiles and auto parts. In an effort to move negotiations along and resolve a U.S. unfair trade practices case (Section 301) dealing with barriers in the aftermarket for auto parts in Japan, the United States has threatened to impose 100 percent tariffs on imports of thirteen Japanese luxury passenger cars (Honda Acura, Nissan Infiniti, Toyota Lexus, Mazda 929 and Millenia, and Mitsubishi Diamante). The decision will be made by June 28, 1995. The United States also is pursuing a broad unfair trading case dealing with access to Japan's automotive market at the World Trade Organization. Japan, meanwhile, has also initiated a case at the WTO challenging the legality of the threatened increase in U.S. tariffs. Consultations under the WTO on these issues began in Geneva on June 12, 1995.

Interview with Cmdr. Alex Vraciu, a Navy WWII veteran and Navy Cross recipient from East Chicago, Indiana. Vraciu discusses his family and educational background, naval flight training, Edward "Butch" O'Hare, the F6F Hellcat, various combat operations throughout the Pacific, his actions at the "Marianas Turkey Shoot," being awarded the Navy Cross and time stateside, and returning to combat. In appendix is an autobiographical sketch by Vraciu, including a picture of him and his Hellcat with visible victory markings on the fuselage.

Interview with Acting Sergeant David W. Peake, Sr., a Marine Corps veteran, concerning his experiences in the Pacific Theater during World War II as a member of the 5th Marine Division. Peake discusses Iwo Jima and his occupation duty in postwar Japan. Appendix includes a photocopy of a "Veteran's Questionnaire" from the Admiral Nimitz Museum and Historical Center, filled-out by David W. Peake, Sr. [3 pages]

Transcript of an interview with John Ruddick, a Navy veteran, concerning his experiences while aboard the destroyer USS Melvin during World War II in the Pacific Theater. Ruddick discusses the Marianas invasion, the Carolines invasion, the Battle of Leyte Gulf, the Battle of Surigao Strait, Iwo Jima, Okinawa, Kurile operations, and the occupation of Japan.

Interview with Acting Sergeant David W. Peake, Sr., regarding his memories of the invasion of Iwo Jima and experiences as a member of the 3st Replacement Battalion, 27th Regiment, 5th Marine Division during the invasion and occupation of Japan.

Interview with Jay Titus, an Army Air Forces veteran (457th Squadron, 330th Bomb Group, 20th Air Force), concerning his experiences as a B-29 bombardier in the Pacific Theater during World War II. Bombing missions from Guam to Japan in 1945; Japanese fighter and flak opposition; fire bombing raids. Appendix includes a photocopy of the "350th Bomb Group Digest: a summary of combat activities from April 12 to Sept. 2 1945" [21 leaves]

Interview with Richard Grissom, a Navy veteran, concerning his experiences while aboard the submarine USS Tirante in the Pacific Theater during World War II. Submarine School, New London, Connecticut, 1944; his training as an electrician's mate; qualification examination; assignment to the Tirante, 1945; various patrols around the Japanese home islands.