Ford President Raps Japan Auto Makers for Relying on Weak Yen

NEW YORK December 7, 2002; Japan Today reported that Ford Motor Co President and Chief Operation Officer Nick Scheele said Friday Japanese auto manufacturers are making profits in the United States by relying on a weak yen and accused Japanese government officials of trying to keep the Japanese currency weak.

Scheele cited recent remarks by Japan's Finance Minister Masajuro Shiokawa that the yen-dollar rate should be around 150-160 yen to the dollar, saying the statement was "absurd." The U.S. dollar currently trades around 122-123 yen.