Honda Defensive on Detroit Lobby Criticism of Weak Yen Advantage
A little greater than a year ago, Japanese automakers, within the aftermath of the devastating April 2011 earthquake and tsunami, were adjusting profit forecasts downward on supply disruptions and a powerful yen. Now, the tables have turned, and an unusually weak Yen has made Japanese exports cheaper. The yankee Automotive Policy Council, a lobbying group for the Detroit Three, is urging the present administration to take retaliatory actions against the Japanese government’s policies looked as if it would keep the valuation of the Yen low. But John Mendel, Honda vp of U.S. sales, took umbrage to the AAPC’s suggestion, saying that the corporate builds 90 percent of the models it sells within the U.S. in North America, effectively minimizing any currency advantage Honda has, in accordance with Bloomberg. Mendel said...