Japanese carmakers face Endaka

Japanese carmakers face Endaka

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In 1995 the Japanese yen entered a new phase: that of Super-endaka. Already for over a decade Japanese exporters were fighting against the unwelcome influence of the rising yen on their business. But in order to understand the phenomenon of super-endaka the reader must go back in time to New York, September 1985. In September 1985 the finance ministers of the worlda€™s largest capitalistic economies a€“ Britain, France, West Germany, Japan and the US - met at New Yorka€™s Plaza Hotel to discuss the development of the dollar relative to the yen. As a strong dollar had led in the early 80s to an increase in the US trade deficit followed by a strong inflow of foreign capital, protectionist theories started developing both in Republican and Democratic camps. Thus, all participants shared a growing interest in lowering the value of the dollar relative to the yen as this movement would eliminate the U.S. / Japan trade imbalance and lessen protectionist demands. This development would suit everyone because it would finally result in higher exports not only for Japan but also for all other countries. In order to make this happen, all countries agreed to coordinate an intervention into their respective foreign exchange markets. Japana€™s government was said to have exchanged $3 billion for the yen in the New York and Tokyo markets the very next day. Shoichior Toyoda, president of the Toyota Motor Corporation, compared the first anniversary of the Plaza Accord to Isshuki - Japanese for the first anniversary of someonea€™s death- and called it the birthplace of Endaka - Japanese for a high yen. In 1985 the $ traded at yen 240, one year later to Yen 150.In 1995 the Japanese yen entered a new phase: that of Super-endaka.


Title:Japanese carmakers face Endaka
Author: Doina Maria Florea
Publisher:GRIN Verlag - 2007-07-04
ISBN-13:

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