In Japan, the Prime Minister, Takeo Fukuda met the Chairman of the Ford Motor Company, Mr.
GV Prime Minister Fukuda's official residence.
SV INT Henry Ford II greeted by Mr. Fukuda.
SCU Mr. Fukuda PAN TO SCU Mr. Ford and sit down.
SCU Mr. Ford.
SCU Mr. Fukuda.
SV Mr. Fukuda and Mr. Ford talking seated.
Mr. Ford also said that the revaluation of the Japanese Yen had radically increased the price of Japanese cars sold in the United States over the last nine-months. As a result of these higher prices and effective competition from American companies producing smaller, cheaper cars, Japan could expect its share of the United States car market to drop from the peak level of 20% to something less than 16% in the future.
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Background: In Japan, the Prime Minister, Takeo Fukuda met the Chairman of the Ford Motor Company, Mr. Henry Ford the Second on tuesday (27 June). Mr. Ford spent last week in China, discussing possible sales agreements. He is to visit Taiwan before returning to the United States.
SYNOPSIS: The meeting was held in Mr. Fukuda's official residence in the Japanese capital, Tokyo. Mr. Ford was expected to discuss Japan's trade surplus and the export level of cars to the United States. Last year, America imported 1,800,000 vehicle from Japan.
After his talks with Prime Minister Fukuda, Mr. Ford held a news conference in which he commented on future trade of cars between Japan and the United States. He warned Japanese motor manufacturers that unless car exports were curbed, the American motor industry might demand the introduction of trade protection measures. He said that if there was another economic recession in the United States in the next few years, it was likely that "official and unofficial regulatory measures" would be considered to limit the importing of Japanese cars.