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President of GM North American Operations Says Yen Hurts Domestic Industry.
Knight Ridder/Tribune Business News, February, 2002
By Jim Mateja and Rick Popely, Chicago Tribune Knight Ridder/Tribune Business News
Feb. 8--General Motors has a yen for a stronger Japanese currency.
Gary Cowger, president of GM's North American automotive operations, said the Japanese yen's lower value against the dollar hurts the domestic auto industry and threatens prospects for an economic recovery.
"It's tough to offset a 30 percent cost advantage that the Japanese have enjoyed over the last three years from the artificial value of the yen," Cowger said in an interview at the Chicago Auto Show.
"We are especially concerned that the value of the yen is going down at a time when they are having a recession at home. The Bank of Japan has invested over $100 billion to keep the yen...
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