Detroit Three Voice Concerned Over New Japanese Leaderships Quest To Manipulate The Yen

A trade group representing Detroit's Big Three automakers opposes efforts by Japan's new government to weaken the country's currency and urged the Obama administration to denounce it.

U.S. automakers have long argued Japan has used trade and currency policies to restrict access to the Japanese market, which they call one of the most closed in the world. They have opposed allowing Japan to enter free trade talks aimed at creating an 11-member free trade zone called the Trans-Pacific Partnership.

"Here we go again. Japan's Liberal Democratic party is back in power and determined to repeat the 'beggar thy neighbor' policies that distort trade by cheapening the value of the yen to promote economic growth in Japan at the expense of its trading partners," said Matt Blunt, president of the American Automotive Policy Council that represents General Motors Co., Ford Motor Co. and Chrysler Group LLC on trade policy.]

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thetruth01 - 1/17/2013 5:50:46 PM

+3 Boost

(Speaking as an Obama supporting Democrat), maybe the US should stop its policies that devalue the dollar, thus artifically increasing the value of the yen before we complain about other countries devaluing their currency.

docholiday - 1/18/2013 11:30:21 AM

+4 Boost

The Obama Administration is printing over $800 mil dollars a day that is devaluing the U.S. Dollar. Not even enough to pay the daily interest owed to China. That and other policies will devalue the dollar further and will create an inflationary rate that will take more money out of the hands of the middle class. You say your a supporter but you are supporting something that you say should not be done?

Ford77 - 1/17/2013 7:41:19 PM

+4 Boost

I'm sure that the Detroit Three wouldn't do anything to help manipulate the dollar! Would they? After all,these three companies are putting on a face of total honesty while ripping-off the very people that were forced to support them.

HughJass - 1/18/2013 9:29:51 AM

+4 Boost

Yet they have no issues with South Korea making it official policy to devalue the Won to boost exports. UAW needs to get off the anti-Japan pedestal and look at all competitors. Unless Samsung shipped them all new tvs and cell phones to get them to "look the other way".

US devaluing the dollar is fine as long as they don't go too far, I don't want my paycheck to become worthless. Maybe these Asian countries would enjoy some of their own medicine if they don't follow our dollar down.

HughJass - 1/18/2013 9:29:51 AM

+2 Boost

cohwang - 1/21/2013 2:55:27 AM

+1 Boost

It's just the matter of time when US currency goes south to pennies after numerous QE, and how soon the top 3 debt owners (China, Japan and UK) get rid of the US dollars. As long as US dollar is replaced by RMB as the global currency, US currency must drop significantly. It would be benefitial to the export businesses.

MorePower - 1/19/2013 10:53:47 PM

+1 Boost

Maybe the Detroit three automakers should concentrate on building superior products instead of whining about their foreign competitors.

Instead of spending a decade+ convincing the American automotive buyer that they needed a large suv, the Detroit three should have invested in better designers, engineers and given their executive staff a few refresher courses.