Detroit 3 Demand Japan Be Labeled A Currency Manipulator
Agent009 submitted on 10/23/2007 Official Bell & Ross Timestamp: 2:47:01 PM
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The Detroit 3 are launching a campaign to have Japan labeled a currency manipulator and to end what they say is an unfair subsidy for Japanese automakers.
The Detroit 3 claim that the artificially undervalued yen provides a $4,000 to $12,000 bonus for each vehicle imported from Japan. Competitors use the advantage to keep prices low or to fund additional product development, the Detroit automakers say.
They have made similar arguments in the past.
But there are some new developments, top economists from the Detroit 3 told reporters here today.
They say the dollar has been going down against other freely traded currencies but not against the yen — proof, they say, that the markets know Japan would intervene if the yen appreciated too much.
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