Paulson will face questions over weak yen

Dec 27, 2007 | 05:52 AM | Rory Carroll

The omnibus bill that passed Congress and was signed by President Bush prior to the holiday recess directs Treasury Secretary Henry M. Paulson Jr. to report to Congress within the next four months on whether the Japanese are manipulating their currency.

Sen. Debbie Stabenow (D., Mich.) and Rep. Joe Knollenberg (R., Mich.) inserted the language at the urging of the U.S. Big Three auto companies. Since 2001 they have argued that the Japanese government has intervened repeatedly in currency markets to artificially devalue the yen by at least 30 percent. Japanese automakers now export nearly 50 percent of....

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