The head of Japan’s auto lobby urged the government and the Bank of Japan on Friday to quickly implement effective steps to counter the strong yen, after it hit a seven-month high against the dollar the previous day.
“The current foreign exchange level, which is far from the actual ability of the Japanese economy, goes much beyond the limits of what companies can do through efforts to cut costs,” Akio Toyoda, the head of Japan Automobile Manufacturers Association (JAMA), said in a statement.
“Japan’s manufacturing is facing a great crisis again, and if things remain this way it could have a further impact on employment,” said Toyoda, who is president of Toyota Motor Corp.
Read the rest of the story: Japan auto lobby calls for govt, BOJ to counter strong yen.
Toyota Motor Corp.’s chief executive apologized to Chinese consumers for its recall of vehicles Monday and emphasized the importance of the mainland market to the Japanese automaker, according to reports.
”I apologize to you from the bottom of my heart for causing concern and trouble in connection with Toyota’s recalls around the world, including in China,” Kyodo cited CEO Akio Toyoda as saying at a Beijing press conference.
Toyoda, grandson of the company founder, vowed the automaker would do whatever it takes to prevent similar problems from recurring and said he will appoint a chief quality officer for the Chinese market to help oversee the issue. He made similar vows during a trip to the U.S. last week during which he testified before Congress.
In particular, a brake-override system would be installed in new China models, Toyoda said. He also said that the problem with floor mats involved in the vehicle recalls in the U.S. are not used in China.
Read the rest of the story: Toyota CEO apologizes in China for quality slip, Rav 4 recall