A rising yen could have a major impact on Toyota Motor’s operations, its president said on Wednesday.

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“The possible impact of an appreciating yen is major,” Akio Toyoda said through a translator at a press conference.

“We are a Japanese company so even though the strong yen is adversely affecting, we cannot simply say that we can shift major part of operations overseas,” he said, according to Reuters.

“We are global company so we have a dilemma, so that’s a headache,” he said.

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