Word: yen
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While the newcomers multiply, Japan's automakers continue their relentless march. They are expected to export to the U.S. all 2.3 million vehicles permitted under their self-imposed quota this year, exceeding last year's 2.2 million -- a formidable achievement, considering that the value of the Japanese yen is more than 20% higher in relation to the U.S. dollar than it was a year ago. The currency hike, experts believe, has added about $1,300 to the average production cost of an imported Japanese car. Even so, industry executives estimate that Japanese compacts and midsize cars still cost roughly...
...week the Government gave cause for restrained cheers in reporting that the trade deficit narrowed slightly in September, falling to $12.56 billion, down $760 million from the previous month. The drop may have resulted from the weakened dollar, which has depreciated by as much as 40% against the Japanese yen and major European currencies since it peaked in February 1985. Declared Secre- tary of Commerce Malcolm Baldrige: "We have turned the corner on the trade deficit...
...called "Operation Be Stingy," and one of its slogans -- "I'll do it, you'll do it, and everybody will do it" -- is to be taken seriously indeed. Tokyo's Nissan Motor, in an effort to keep the prices of its exported autos low as the value of the yen rises against the U.S. dollar, has launched a major drive to cut costs...
...current exchange rates, some of its autos and vans will have wide appeal despite stiff European and Japanese competition. Unlike GM and Ford, Chrysler does not have European automaking subsidiaries, whose sales could be threatened by the export push. Says Robert Lutz, a Chrysler executive vice president: "At 240 yen to the dollar we were doomed. But at 150 yen we have a shot. I see real potential in the European market...
...persistent trade deficit has several underlying causes. While the dollar has fallen from its peak by more than 40% against the Japanese yen, it has dropped just 6% in relation to the Taiwanese New Dollar and has actually risen 3% against the South Korean won. In addition, import prices have not risen nearly as much as they were expected to. Typically, when the dollar weakens, foreign manufacturers boost prices of products sold in the U.S. because the money they receive from American consumers is worth less when converted into other currencies. So far, though, prices of imports, not including fuel...