Statement by the American Automotive Policy Council Regarding Japan Auto Manufacturers Association's Cry for the Government to Intervene into Currency Markets

WASHINGTON - July 9, 2010: The American Automotive Policy Council (AAPC) and representing Chrysler Group LLC, Ford Motor Company and General Motors Company and strongly objects to the Japan Auto Manufacturers Association's (JAMA) plea to the Japan Government this week to intervene in foreign exchange markets to artificially weaken the Yen.

AAPC President Stephen Collins said: "We believe that Governments should refrain from intervention in the foreign exchange markets and public statements aimed at influencing currency exchange rate levels." He added, "In a highly integrated and competitive global economy, everyone has play by the same rules and no intervention, no gimmicks that would give exporters in one country an unfair leg up on their global competitors. Market-determined currency exchange rates are a fundamental prerequisite for free trade."

At a press conference this week, Toshiyuki Shiga, JAMA's President and Chief Operating Officer of Nissan, said: "If the yen's strength continues, there will be a negative impact on Japan's economy. If there are any steps (the government could take), then we would like to ask" for such measures. The Japanese Government has a long history of intervening into foreign currency markets to boost exports and discourage imports at the expense of jobs and production in other markets.

The American Automotive Policy Council, Inc. (AAPC) is a Washington, D.C.- based non-profit trade association that represents the common public policy interests of its member companies: Chrysler Group LLC, Ford Motor Company and General Motors Company.