August 9, 2010

JAMA Comments on Recent Levels Achieved in Forex Rates

Toshiyuki Shiga, Chairman


Rapid fluctuations in currency exchange rates have a significant impact on corporate activity including that of the automotive industry because of the global scale of its operations.

A case in point is the recent appreciation of the Japanese yen against other major world currencies to levels exceeding all projections. 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.

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 that the current business recovery can complete its course, thus enabling continued future growth.