September 14, 2012 / 4:55 AM / 7 years ago

Japan auto lobby calls for govt, BOJ to counter strong yen

TOKYO, Sept 14 (Reuters) - 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 .

The dollar traded around 77.63 yen on Friday, having fallen as low as 77.13 yen on trading platform EBS the previous day, its lowest since early February, after the Federal Reserve announced bold stimulus measures.

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