US carmakers would like President Bush to urge recession-hit Japan to stop backing a weaker yen, according to a report in USA Today.
The carmakers have already sent a letter to administration officials Feb. 1 regarding the yen, which has weakened more than 10% in relation to the U.S. dollar since Sept. 11.
The USA Today news item says that this week they have been meeting with ‘senior-level’ officials in the administration, including at The Treasury Department, which oversees currency policies.
White House officials have declined to discuss President Bush’s position.
The US carmakers are losing share to importers in the US light vehicle market and the weak yen versus the dollar is being cited as one of the factors at work.