Japan looks to overhaul its vehicle market

Article by Anita Panait, on June 20, 2013

Japan is looking to overhaul policies that give advantage to local industries lie carmakers as it seeks to revive its economy and join talks over a Pacific-region trade deal, according to Kenichiro Sasae, the country’s ambassador to the United States. During a Bloomberg Government breakfast in Washington, Sasae remarked that for the first time, “people are seriously thinking that we need to change some things," adding that otherwise the Japanese people will become “second-rate citizens of the world."

Japan is hoping to join 11 nations over talks set next month on the Trans-Pacific Partnership, a free-trade agreement that will create a region with annual economic output of $26 trillion. The American Automotive Policy Council – which represents US carmakers Ford, General Motors and Chrysler Group -- is opposing Japan's inclusion in the talks, saying that the country is manipulating its currency to favor exports, and is shutting out foreign rivals. Since September 2012, the yen has depreciated 23 percent against the US dollar.

Sasae, however, remarked that Japan can't really manipulate the exchange rates, noting that the Japanese government has not really intervened for some time to the market since it is impossible to control. He quipped that perceptions of Japan as an “inward-looking society favoring domestic industries” are out of date.

Japan’s inclusion in the talks may slow down negotiations, primarily because Japan’s economy of $5.9 trillion in annual output may further complicate the process. The U.S. Trade Representative's office also has cited other barriers to Japan’s inclusion in the talks, such as some of the country’s agricultural policies. Sasae, however, said that he doesn't expect Japan's participation to slow down negotiations. He remarked that there are concerns that “Japan is coming late,” which may result to some delay of the process. [source: automotive news - sub. required]

Topics: japan

If you liked the article, share on:

Comments

Recommended

Not a few agree that the Volkswagen Polo news a styling overhaul. While this supermini still looks good as it is now, the latest facelift was around three years. With...
by - April 27, 2017
They say that when the going gets tough, the tough get going. That’s what Harvey Payne did with his Chevrolet Bolt. Ever since he bought it, it had been experiencing...
by - April 27, 2017
What defines a coupe? Well, according to the dictionary, “it is a car with a fixed roof and two doors”. Ok, now that it is clear, when does one not...
by - April 27, 2017
Back in 2013 was when the first hot hatch was released, that was the original A45 by Mercedes-AMG, carrying a hand-built 2.0 liter M133 turbo mill. It was then then...
by - April 27, 2017
BMW dealers have a problem, a good problem. The demand for the 2017 BMW 5 Series is very high, they cannot attend to all the customers. But actually, supplies are...
by - April 27, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries