Auto Makers Push for Stronger Yen

The American Automobile Manufacturers Assn. urged Washington and Tokyo to work together to strengthen the Japanese yen, as senior officials of both countries met in Washington. “The yen’s continued slide threatens to undermine economic fundamentals,” said Andrew Card, president of the association. “A more realistic yen-dollar exchange rate would benefit both economies and help to avoid renewed trade friction.” Meanwhile, No. 1 auto maker General Motors Corp. said it expected that its 1997 U.S. market share would fall somewhat below its 1996 level of about 31.4%, despite its hopes early in the year that new car and truck models would help reverse its steadily sinking market share. GM plans to help boost its competitive edge in part by cutting its 80,000-strong European work force by 20% to 30% in the next five years to improve efficiency.