Japan needs dollar at Y90 to save jobs: Toyota
Toyota Motor Corp President Akio Toyoda said on Wednesday Japan needs the dollar to trade at a minimum of 90 yen to protect the country's jobs and remain competitive as a manufacturing power.
January 05, 2011 / 16:43 IST
Toyota Motor Corp President Akio Toyoda said on Wednesday Japan needs the dollar to trade at a minimum of 90 yen to protect the country's jobs and remain competitive as a manufacturing power.
"In order to protect Japanese 'monozukuri' (manufacturing) and jobs, I think 90 yen is the minimum line," Toyoda told reporters at an industry gathering in Tokyo."(The dollar) has been in the 80s for a very long time, and each company is doing its best to (withstand the pain). But if this keeps up, we (Japan) can't fight to remain a manufacturing base in the world."Toyoda has said he wants to maintain domestic production of at least 3 million vehicles a year for Toyota in Japan, in what could keep it more exposed to a strong yen compared with rivals Honda Motor Co and Nissan Motor Co.On Wednesday, the dollar was changing hands around 82 yen , compared with its postwar low of 79.75 yen marked in 1995. A strong yen erodes Japanese exporters' overseas profits when repatriated.Toyota faces headwinds of a sinking Japanese car market, while sales in its biggest market, the United States, also underperformed last year.But Toyoda noted that Toyota had achieved the three goals it set out for itself in the United States for 2010, indicating he was not unhappy with being the only major brand to post a decline in sales last year.Toyota had aimed for Camry to be the top-selling passenger car, Toyota to be the No.1 brand among retail customers, and for Lexus to be the best-selling premium brand, he said."We achieved all three, and against all the headwinds," Toyoda said. "I'm grateful to the dealerships and our US arm, and I think we have a lot to be proud of."With its worst recall crisis gradually dissipating, Toyoda said he wanted to outline Toyota's corporate vision for 2020 in the coming months."I think what people want to know now is what kind of fruits our efforts will bear. We're working on that now, and hope to announce that around spring," he said. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
