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More than any potential U.S. sanctions, the continuing appreciation of the yen threatens Japan's auto industry, says Hiroshi Okuda, executive vice president and chief financial officer of Toyota Motor Corp. "Stupefied" by the yen's skyrocketing value, Mr. Okuda says Japan faces unemployment rates as high as those in Europe and the U.S. (5%-plus vs. 3% now in Japan) if the yen remains strong. Reason: Japanese goods are getting more expensive in export markets, and other countries are finding cheaper alternatives.
