Monday, Jul 09, 2007
Toyota Motor is spending more this year lobbying U.S. lawmakers. Representative John Dingell, Democrat of Michigan, which is GM's home state, said May 9 that Toyota's profit got a $250 million boost from a cheap yen and that Congress was "losing patience"
www.iht.com: Around the Markets: Cheap yen is seen as threat to innovation
"Honestly, the yen is too cheap," said Michijiro Kikawa, chief executive of Hitachi Construction Machinery, which competes with the Peoria, Illinois-based Caterpillar in selling mining equipment. "There will be trade friction should the yen fall further."
The yen slid to 124.13 against the dollar, the lowest in four and a half years, and a record low of 166.94 against the euro on June 22 as hedge funds and Japanese pensioners borrowed and sold the currency to purchase higher-yielding assets in so-called carry trades. It reached the lowest since 1985 against currencies of major trading partners in May, according to the real effective exchange rate compiled by the Bank of Japan.
Posted by chris @ 10:14 PM (109 views) Add Comment
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
No comments have been submitted.
Be the first person to add your comment by completing the form below.