Japan's New Finance Minister Wants a Stronger Dollar, Weaker Yen

Filed under: Japan

Japan's new Finance Minister Naoto Kan is on record saying he wants to see a weaker yen, CNNMoney.com reported Thursday.

And, as they say in the foreign exchange, 'easier said than done.' The yen has risen to a level versus the dollar that's a concern to Japan's auto makers. Although the yen is roughly unchanged versus the dollar since January 2009, it's strengthened about 15% versus the dollar since the onset of the global financial crisis' acute stage in August/September 2008.

The significance? Japan's automakers must raise prices on cars/vehicles exported to the U.S. to protect profit margins of vehicles priced in dollars: if they don't those margins will shrink.

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