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  • In the 1980s,for instance, when the United States was pushing Japan to raise the value of the yen,it did indeed rise in price against the dollar.But the Japanese paid the same global rate for their oil, iron and steel, copper and other raw materials as did U.S. producers.The only cost that went up were Japanese labor costs.And inasmuch as their trade was ???price inelastic,??? American consumers p
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