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Automakers Applaud Effort to Bolster Yen

18 June 1998

Automakers Applaud Effort to Bolster Yen

    WASHINGTON, June 17 -- The following is a statement by Andrew
H. Card, Jr., President & CEO of the American Automobile Manufacturers
Association (AAMA), in response to U.S. intervention in exchange markets to
try to bolster the yen:

    "America's Car Companies support the action taken by Treasury Secretary
Rubin and the U.S. government to intervene in the monetary markets in an
effort to slow down the rapid decline of the yen.
    We hope this was done in coordination with, and has the full support of,
other G-8 countries.
    Automakers are cautiously optimistic that the new actions promised by the
Japanese government will be implemented to restore confidence and stimulate
demand there.
    The crisis in Japan warrants continuous attention and strong leadership."

    AAMA is the trade association whose members are Chrysler Corporation
, Ford Motor Company and General Motors Corporation
.  Visit AAMA's site on the World Wide Web at http://www.aama.com.