Japan auto executives hope for US recovery

Recent Outbreaks Posted on

Japan auto executives gathered for an annual New Year's party Monday expressed hopes for a U.S. turnaround and a strengthening dollar to fix the faltering global market.

Japan's export-dependent automakers have been battered by the slowdown in the U.S. set off by the financial crisis last year. The rising yen has also hurt the companies. The dollar, which had cost 113 yen a year ago, is trading at about 90 yen lately, a 13-year low.

Despite the hard times, the annual event at a Tokyo hotel hosted by the Japan Automobile Manufacturers Association, which groups this nation's automakers, was packed with suited businessmen and other guests eager to start the new year by networking toward a recovery.

Takeo Fukui, president and chief executive of Japan's No. 2 automaker, Honda Motor Co., said he hoped the global economy had bottomed out. Tokyo-based Honda has its hopes on the hybrid Insight set to go on sale later this year, he said, but the main problems were the U.S. downturn and the weak dollar.

"First of all, the U.S. market has to recover," he told reporters. "The yen is at an abnormally high level. The Japanese economy needs its export industries."

Honda, which makes the Odyssey minivan and Accord sedan, has cut production to adjust to slowing demand, and slashed its profit forecast for the fiscal year ending in March to 185 billion yen ($2.0 billion), less than a third of its previous year's earnings.

Legal News Media

Legal News is the top headline legal news provider for lawyers and legalprofessionals. Read law articles and breaking news from law firm's across the United States to get the latest updates. We reserve the right, at our discretion, to change, modify, add, or remove portions of the site at any time. Your This site is solely for your personal use. You are, of course, welcome to print or otherwise copy material from this site for your personal use. However, you may not distribute, exchange, modify, sell or transmit anything you copy from this Site, including but not limited to any text, images, audio and video, for any business, commercial or public purpose. Any unauthorized use of the text, images, audio and video may violate copyright laws, trademark laws, the laws of privacy and publicity and civil and criminal statutes.


American Bar Association – Start and Run a Law Firm

NewYorkStateBar.com – Starting a Law Firm

Lawyer Website Designs