U.S. automakers called on Congress to take action in response to the falling value of the Japanese yen, which they said has hurt their exports and was a good reason to keep Japan out of a proposed U.S.-led free trade pact.
"It's time for U.S. lawmakers to say they have had enough," American Automotive Policy Council President Matt Blunt said in a statement on Thursday, as the dollar rose to its highest value in over four years, blasting through the 100-yen mark.
The group represents the Detroit Three automakers Ford (F.N), GM (GM.N) and Chrysler, a unit of the Italian automaker Fiat (FIA.MI). It sees Japanese efforts to revive its economy through an expansionary monetary policy as a deliberate attempt to drive down the yen to bolster Japanese exports.
"The depth of Japanese currency manipulation has reached a new low. Japan's monetary policies aimed at weakening the yen continue to boost Japan's economy and exports at the expense of its trade partners, especially the United States," Blunt said.