[speaker001:] Well, Mr. Brown, we've settled everything in connection with this transaction except the question of payment in yen. Now can you explain to me how to make payment in yen?
[speaker002:] Many of our business friends in England, France, Switzerland, Italy and Germany are paying for our exports in Japan currency. It is quite easy to do so.
[speaker001:] I know some of them are doing that. But this is new to me. I've never made payment in yen before. It is convenient to make payment in pound sterling, but I may have some difficulty in making payment in yen.
[speaker002:] Many banks in Europe now carry accounts in yen. They are in a position to open letters of credit and effect payment in yen. Consult your banks and you'll see that they are ready to offer you this service.
[speaker001:] Do you mean to say that I can open a letter of credit in yen with a bank in London or Bonn?
[speaker002:] Sure you can. Several of the banks in London, such as the National Westminster Bank and Barclays Bank are in a position to open letters of credit in yen. They'll do so against our sales confirmation or contract.
[speaker001:] I see.