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Automakers Urge Economic Reform in Japan

11 August 1998

Automakers Urge the New Japanese Government to Take Immediate Action on Economic Reform in Japan

    WASHINGTON, Aug. 11 -- The following is a statement by Andrew
H. Card, Jr., President & CEO of the American Automobile Manufacturers
Association (AAMA), in reaction to the continued decline of the Japanese yen:

    "This week's sharp deterioration of the yen is a roar of frustration from
the world's financial and currency markets to the new Japanese government's
feeble response to Japan's economic recession.  The excessive depreciation of
the yen, combined with a series of misguided and failed economic policies by
the Japanese government, have fueled an economic and financial crisis in Asia.
    "Japan has the primary responsibility to prevent the situation from
worsening.  Japan must fully recognize the danger that it faces domestically
and the peril that its economy poses to its neighbors and trading partners.
This is an emergency situation that warrants immediate attention.  The time
for business and politics as usual in Japan has long since passed.  Decisive
and courageous action by all of Japan's political leaders to meet this
extraordinary challenge to the world's economy is long overdue."

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