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Technology Stocks : American Automobile Industry: Can it survive?
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From: Sam Citron11/15/2006 12:56:57 PM
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Wagoner on Japan: "We talked about at the meeting [with US President] that there was a meeting about 3 or 4 months ago and there was a statement issued that all of the countries agreed that foreign exchange rates should be set by free markets. Immediately afterwards the Japanese Central Bank issued a statement to their Parliament saying that they held reserves specifically to ensure that the valuation of the yen did not become excessively strong. So we take that as prima facae evidence that whether its specific actions where there's a pattern of about 10 years, by the way, or the overhang of these huge reserves held by the Japanese government combined with statements by the Central Bank that they would use them to manage the currency, that effectively is keeping the currency at a [inaudible].

[Responding to a reporter's question] Has that hurt our industry? It basically provides huge profits on the approximately 2.3 million vehicles that are exported from Japan to the US, a significant cost advantage, huge profit advantage which can then be used to reinvest in new technologies, whatever, that over time puts us at a competitive disadvantage."

transcribed from CNBC live coverage at auto CEO press conference in front of White House yesterday
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