Paulson facing questions over weak yen

Dec 28, 2007 | 10:53 AM | Rory Carroll

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

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 the vehicles....

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