agent Entrepreneur logo
MenuMENU
SearchSEARCH

Detroit 3 Raise Asian Currency Issues

March 17, 2010
3 min to read


WASHINGTON - The Detroit Three automakers on Wednesday urged Congress to take action to stop efforts by Japan and South Korea to shore up their currencies, The Detroit News reported. The automakers prodded Congress to "send a clear message to the governments of Japan and Korea: Do not intervene in currency markets." It's the latest effort by the automakers to raise the issue of currency. It follows a meeting earlier this month with the senior auto adviser on currency issues. The American Automotive Policy Council -- representing General Motors Co., Ford Motor Co. and Chrysler Group LLC, said both countries were engaging in "currency manipulation" that "unfairly boosts these nations' auto exports and hurts American jobs." Automakers have complained for more than a decade that Japan and Korea haven't done enough to open their markets and allow their currency to move at market rates. A proposed Korea Free Trade agreement remains stalled in Congress -- largely because of concerns of midwestern Democrats that the deal doesn't do enough to open Korea's auto market. The automakers cited Japan's decision last week to add another $56 billion to its special fund for currency interventions on top of the massive reserve already in place -- and Japan's Finance Minister Naoto Kan told the Japanese Diet last week that the government is ready to intervene in currency markets to depreciate the yen. The group said Korea has been intervening repeatedly throughout 2009 and into 2010 to manipulate the value of its currency -- the won. "We urge you to make clear to the governments of Japan and Korea that the U.S. Congress considers such interventions unacceptable and that any decision to proceed with or continue such interventionist policies will be strongly and directly challenged by the United States in defense of fairness and American jobs," the leaders said. The group also sent a letter to the Japanese ambassador to the United States, Ichiro Fujisaki. "American auto companies will consider intervention in foreign exchange rate markets by the Japanese government that weakens the yen as unfair competition directed at the American automotive market and American workers as the industry begins to recover from the economic recession," they wrote. "We will encourage our government to take strong and equivalent action in response to prevent harm to American jobs." An official at the Japanese embassy who handles auto issues didn't immediately return a request seeking comment. Korea and Japan remain the two most closed automotive markets, according to the Organization for Economic Co-Operation and Development -- which ranks the pair 29th and 30th of 30 total countries. Import penetration in both countries' auto market is less than 4.5 percent. They argue it's primarily because of non-tariff barriers like currency valuations.

More Industry

F&Iby Lauren LawrenceFebruary 27, 2026

Price Driving Insurance Churn

Over half of insurance holders ages 18 to 29 reported to be 'somewhat' likely to change providers in the next 90 days, according to CivicScience, which found that interest was lower among older age groups.

Read More →
Industryby Lauren LawrenceFebruary 26, 2026

AI Drives Dealer Website Traffic

Total visits to dealer websites from generative artificial intelligence platforms grew more than 15 times year-over-year, signaling a shift in how many consumers shop for cars online.

Read More →
Industryby Hannah MitchellFebruary 26, 2026

Automakers Tops in Fuel Economy

In the U.S., Honda has the most efficient gas-electrified combo lineup while Tesla beats all automakers in annual EPA ranking as brands built their alternative-fuel offerings.

Read More →
Ad Loading...
F&Iby Lauren LawrenceFebruary 25, 2026

Report Finds Year-End F&I Strength

Deal volume ebbed and flowed throughout 2025, but product performance remained steady, according to automotive technology and data intelligence solutions provider StoneEagle.

Read More →
Industryby Hannah MitchellFebruary 24, 2026

Overall Consumer Confidence Up

Americans’ view of present business conditions, the labor market and family finances, though, are still in the dumps, and if they plan to buy cars, many target used units.

Read More →
Auto Financeby Lauren LawrenceFebruary 23, 2026

Auto Loan Forecast Bucks Market Trend

Auto loan originations rose over 6% year-over-year in the third quarter of 2025, but TransUnion predicts a slight decline in auto loan growth this year, making it an outlier in the company's overall lending forecast.

Read More →
Ad Loading...
F&Iby Hannah MitchellFebruary 23, 2026

Some Auto Brands Cheaper to Insure

A new top 10 list ranks the least expensive for average full insurance coverage on a clean driving record and high driver credit scores.

Read More →
Industryby StaffFebruary 20, 2026

Learn to Manage the Mayhem at Agent Summit

Rob Mancuso – president of Mancuso Automotive – will present a Keynote at the 2026 event.

Read More →
Fixed Opsby Hannah MitchellFebruary 20, 2026

Auto Recalls Sank Last Year

2025 Sedgwick data indicate that the number of vehicles affected fell to its lowest point in more than a decade.

Read More →
Ad Loading...
Industryby Lauren LawrenceFebruary 19, 2026

Affordability Leads Top-Rated List

Edmunds’ editorial team tested 300-plus vehicles to help determine the Top Rated Awards for 2026, and one brand stood out with multiple rankings, including Best of the Best.

Read More →