Detroit Three Repeat Accusations Of Japanese And Korean Currency Manipulation

The Detroit Three automakers on Wednesday urged Congress to take action to stop efforts by Japan and South Korea to shore up their currencies.

The automakers prodded Congress to "send a clear message to the governments of Japan and Korea: Do not intervene in currency markets."

It's the latest effort by the automakers to raise the issue of currency. It follows a meeting earlier this month with the senior auto adviser on currency issues.

The American Automotive Policy Council -- representing General Motors Co., Ford Motor Co. and Chrysler Group LLC, said both countries were engaging in "currency manipulation" that "unfairly boosts these nations' auto exports and hurts American jobs."

Geneva Motor Show Photo Gallery

2011 Hyundai Sonata Launch Photo Gallery

2010 Rolls-Royce Ghost Launch Photo Gallery

2010 Chicago Auto Show Photo Gallery

AutoSpies.com Photo Galleries

If you want to see your photos running on our homepage photo ticker, be sure to upload your photos on the go by sending them to Mobile@AutoSpies.com

Share on Facebook

Read Article

uaw_lax - 3/17/2010 3:13:05 PM

+2 Boost

The American government has known this for years but i like the spin on pinning this on the big 3. lol

izfuney - 3/17/2010 5:06:52 PM

+2 Boost

FUD. Actually the dollar weakened to the Yen, currently standing at 90 yen to dollar. Currently this is forcing most Japanese manufacturers to move manufacturing off Japan into local Markets , China.
The strong Yen has led to current deflation concerns in Japan marking a drop in short term interest rates by BoJ(Bank of Japan)

Ofcourse, facts dont interfere with typical UAW whining, realizing that consumers are wise to their fake scare tactics against Toyota, they are trying a new tack . Be in for a wild ride.

Unfortunately two can play this game , and proectionist movements by the US gov will result in retaliation from other govs giving rise to the fear that 1930 depression is possible reality.
And why ? because the UAW cant friggin make a decent car.

upwards - 3/17/2010 7:18:25 PM

0 Boost

You can't be serious .... the us buys more goods from abroad than just about any other nation it would do us some good economically and job wise to close or protect out markets just like the Asian markets have been doing for years

XYZZ - 3/18/2010 5:13:04 AM

+3 Boost

yeah, BRILLIANT suggestion.

the u.s. should raise tariff barriers like in the 1930's, and trigger another world wide DEPRESSION.

except this time it will BACKFIRE EVEN WORSE. 'cause when we do, japan and china will STOP BUYING U.S. treasury bonds. then OUR ECONOMY will collapse like a house of cards.

LauderdaleDriver - 3/19/2010 4:22:07 PM

+1 Boost

European car companies make the same complaint. It's economic reality, not fan boy stuff.

LauderdaleDriver - 3/19/2010 4:20:57 PM

+1 Boost

The Yen is still at least 20% undervalued, and the Chinese currency between 20% and 40% undervalued.

Rather than screaming about "whining" why not think about what this is doing to your standard of living?

It's fine to compete on a level playing field, but with these currency distortions, China and other Asian countries are importing jobs and exporting lower standards of living.

I have never heard any economist argue that these currencies are undervalued, and screams about the impact are coming from Europe and Brazil, as well.