A trade group representing Detroit's Big Three automakers opposes efforts by Japan's new government to weaken the country's currency and urged the Obama administration to denounce it.
U.S. automakers have long argued Japan has used trade and currency policies to restrict access to the Japanese market, which they call one of the most closed in the world. They have opposed allowing Japan to enter free trade talks aimed at creating an 11-member free trade zone called the Trans-Pacific Partnership.
"Here we go again. Japan's Liberal Democratic party is back in power and determined to repeat the 'beggar thy neighbor' policies that distort trade by cheapening the value of the yen to promote economic growth in Japan at the expense of its trading partners," said Matt Blunt, president of the American Automotive Policy Council that represents General Motors Co., Ford Motor Co. and Chrysler Group LLC on trade policy.]