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Misaligned Yen Is Hurting Our Domestic Auto Industry (Rep. Joe Knollenberg)

by Mich. GOP Rep. Joe Knollenberg - 06/28/07 10:19 AM ET

Yesterday, I introduced legislation to challenge the unfair yen subsidies that the Japanese government are providing to automakers like Toyota, Honda and Nissan. The Japanese government has taken aggressive steps to weaken its currency to bolster auto exports to the United States. The yen subsidy ranges from $4,000 to $15,000 per Japanese exported vehicle. This export subsidy is fueling the Japanese automakers’ efforts to grab more of the United States market and is costing America good-paying manufacturing jobs.

Pressing Japan to address its currency manipulations is one of the top priorities of the Auto Trade Policy Council, which represents the trade interests of General Motors, Chrysler, and Ford.

For more information on this issue, please visit www.autoyensubsidy.org.