A rapid rise in the Japanese yen against other currencies has caused the country’s auto industry lobby to ask the government for help.
The upward trend of the yen against the dollar but also other currencies, has prompted the Japan Automobiles Manufacturers Association (JAMA) to look to the government for help as the rates “exceed all projections.”
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JAMA points out the global nature of its automotive industry is hindered by an overly strong yen.
“If sustained, this trend will adversely affect automotive production and employment in Japan, and cause increased apprehension on the part of the industry in regard to the yen’s future prospects,” noted JAMA in a statement.
“Our industry therefore hopes that the Japanese government will work towards foreign-exchange stability under a framework of international cooperation. We also look forward to appropriate and timely economic management on the part of the government to help ensure the current business recovery can complete its course, thus enabling continued future growth.
One US dollar is currently trading at JPY85.6.
