These Toyota hearings have potential to be big trouble – “Saving Face” is very important in Japanese culture, and I doubt the Senators are going to pay an appropriate amount of culutural sensitivity. I have the sense we are regressing back to the days when the UAW thought the way to deal with Toyota was to smash one with a sledgehammer. Toyota is the world’s biggest car company now – they would miss the U.S. market, but they would survive. But the last time the U.S. government used economic clout to try to control Japan’s aspirations, it wound up with a few years of unpleasantness and a lot of dead people. The U.S. is not exactly in a position to win a war of economic tug of war..
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Did you know Japan holds as much of our debt as China?
I know they hold a lot of our debt. Back during the 2008 panic, the Yen was the currency that was going up relative to the dollar, Euro and Pound.
Japan has its own problems – a very low birth rate since WWII means they now have a country top heavy in retired people and an economy that hasn’t recovered 20 years after loading up on debt to fund massive infrastructure projects to stimulate their economy…. But if they stop supporting the dollar, that could trigger others to flee as well.