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Chrysler, Ford, GM Call for Action on Yen

October 25, 2007

Calling the Yen, “the most misaligned currency in the developed world today,” the Chief Economists from the three major U.S. automakers recently urged the U.S. government to work with other countries to take immediate action to address serious problems caused by Japan’s misaligned currency. In joint remarks, they called on the new Japanese government to dramatically change direction and allow the yen to strengthen to reflect its true value. The Chief Economists warned that the lack of action by the U.S. government and international monetary agencies has not only created a competitive imbalance to U.S. automakers, but has also created huge distortions and dangers to global financial markets. At a briefing for journalists at the National Press Club sponsored by the Automotive Trade Policy Council (ATPC), whose members include Chrysler LLC, Ford Motor Company and General Motors Corporation, the Chief Economists detailed how the Japanese government has kept the yen undervalued by as much as 30 percent, the impact that this policy has had on the global economy and on U.S. automakers, and urgent actions that need to be taken to change Japan’s weak yen policy.
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