- Dec 22, 2008
Honda could move headquarters outside of Japan
Corporate posturing or not, Honda's Takeo Fukui made his opinions perfectly clear regarding the Japanese government's recent lack of currency manipulation. Fukui, CEO of Honda Motor Co., suggested that the yen's rise in value relative to the currency in the United States and Europe is causing major damage to the automaker, and he's willing to take drastic measures to stop the hurt, including relocating the automaker's corporate headquarters to another country. Other possible actions include a major reduction in workforce, including the type of permanent lay-offs that the automaker has typically avoided in the past, as well as moving more production out of Japan and into overseas markets.
Fukui might get exactly what he wishes for, as many economists are predicting that the yen will sink in value in relation to the dollar within the next few days. If not, many, like Fukui, are calling on the Japanese government to step in and devalue its currency for the first time in four years. Thanks for the tip, BenS!
[Source: Japan Probe]