Ford CEO Accuses Japan Of Depreciating the Yen and 2 Other Hot Stocks to Watch
Ford Motor Company (NYSE:F): Current price $14.95
On Thursday, Ford Chief Executive Alan Mulally accused Japan of depreciating its currency so as to aid its local exporters at the expense of United States auto maker margins. In recent months, the yen has fallen against other major currencies, because Japan’s central bank has undertaken an ‘easy money’ policy, which in effect makes products priced in yen cheaper elsewhere. In an interview with Bloomberg TV, Mulally remarked that, ”With the currency manipulation, we just have to get back to the place where the currencies are set by the markets and the free trade agreements really are free trade agreements.” The CEO also said that Japan is for the most part shut off to American auto makers, with 90 percent of car sales in the market coming from Japanese auto makers, said Bloomberg.