Toyoda wants concerted support

Kyodo

Akio Toyoda called Thursday on the Bank of Japan and the new government to be led by Shinzo Abe to work together to address the yen’s appreciation and support the auto industry.

“I expect them to closely cooperate and take every possible measure to correct the yen’s appreciation,” Toyoda, president of Toyota Motor Corp. and chairman of the Japan Automobile Manufacturers Association, said at a news conference in Tokyo, adding the currency remains “too strong” against the dollar.

The dollar has been trading in the ¥84 range since Sunday’s general election amid expectations that Abe’s Liberal Democratic Party will promote strong monetary easing measures.

On the outlook for the domestic auto industry, Toyoda said demand next year will likely “continue to decrease for the time being” following the end of the government’s subsidy program for buying energy-efficient vehicles.