GM CFO Calls For Stronger Yen and Weaker Dollar To Help Carmakers

TOKYO, Oct 20, 2003; Reuters reported that General Motors Corp chief financial officer John Devine said on Monday that a stronger Japanese yen of about 100 to the dollar would be a "good rate" for U.S. car makers to better compete against Japanese makers in the U.S.

"Something approaching 100 or so would be a good rate," Devine told reporters before a news conference with GM and its Japanese partners in Tokyo.

That is a far stronger level than the yen's rate on Monday of about 109.60 (JPY=). The Japanese authorities have been intervening heavily in the foreign exchange market to stop their currency from strengthening.