The problem is in how success is measured, which is not in the soft currency of ethics or trust, but in how much money the strategy saves for the institution.

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This soft currency war is driving down the real value of all units of account and is a scary form of protectionism which, if not arrested, will surely end in tears.

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Olympus's net loss narrowed as a weaker yen boosted the value of its foreign-currency assets, though soft digital-camera sales still hurt its bottom line.

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The recent currency crises in Asia, Russia and Brazil have been produced by central banks and their soft national currencies.

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Sagan notes that despite soft macro conditions in some markets, international revenues were up 22%, or 30% adjusted for currency.

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Second, by endorsing a rise in the Chinese currency relative to the dollar, the president and those who support this policy put at risk the vast soft power and competitive advantage the U.S. enjoys by providing Asia and the rest of the world a reliable currency for engaging in trade in goods and financial instruments.

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