As the yen continues its inexorable 61-year postwar rise against the dollar and threatens to exceed the all-time high of Y¥79.75 set April 10, 1995, alarm bells are ringing loudly around Japan. The hazard now facing the economy, as well as the automotive industry, is underscored in an unusual joint commentary by Toshiyuki Shiga, chairman of the Japanese Automobile Automakers Assn. (JAMA), and Koichiro Nishihara, president of the Confederation of Japan Automotive Workers’ Unions (CJAWU). ...

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