Washington, DC — The Automotive Trade Policy Council (ATPC), whose members
include General Motors, Ford and DaimlerChrysler, announced today the launch of a new
website focused on the harm that the Japanese Government’s "yen subsidy" — resulting
from the continuing misalignment of the Japanese yen — is causing to U.S. automakers
and the U.S. economy. The address of the new website is www.autoyensubsidy.org.
The website provides information on how the Japanese Government ensures that
the yen remains weak against the U.S. dollar, how that policy creates a substantial
subsidy for Japanese exports, the advantage this subsidy gives to Japanese automakers,
and the impact it has on U.S. auto manufacturers and the American economy. The
website includes a real-time display of the value of the yen relative to the dollar as well as
studies, fact sheets, news articles and press releases about yen misalignment. The site
is targeted to policymakers and the media.
"Japan’s yen subsidy provides the average imported Japanese car a $4,000
windfall cost advantage over U.S. automakers and other competitors in the U.S. market,
ranging up to $10,000 per vehicle for higher end imported SUVs," said Automotive Trade
Policy Council President Stephen J. Collins. "Japanese automakers today export 2.2
million vehicles a year to the U.S. — just as many as they did 20 years ago — primarily
SUVs and luxury vehicles. Our companies welcome international competition, but it
needs to be fair. It is time to take action to correct the imbalanced yen."
The launch of the website follows Senator Debbie Stabenow’s (D-MI) introduction
last week of the Japanese Currency Manipulation Act, S 1021, which would require the
Administration to press Japan to end its yen subsidy and to coordinate with other major
industrialized countries and the International Monetary Fund to put a stop to the
damaging Japanese currency policy. Also last week, the Peterson Institute for
International Economics released a report by 30 leading economists calling for an
increase of 25-30 percent in the value of the yen to the dollar. The Peterson study can
be found on the website.
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The Automotive Trade Policy Council, Inc. (ATPC) is a Washington, DC — based
non profit trade association that represents the common international economic, trade and
investment interests of its member companies: DaimlerChrysler Corporation, Ford Motor
Company and General Motors Corporation.
