Toyota may pull out of Australia due to soaring dollar

Gasgoo From Japan Today
SYDNEY — Toyota Motor Corp is considerign a withdrawal from the Australian market as rising interest rates have pushed the Aussie dollar to record highs, The Australian newspaper reported Saturday. While Toyota has warned that its departure could result in the loss of thousands of jobs, Australian Federal Industry Minister Ian Macfarlane remained steadfast against government intervention.
 
"Changes in the strength of the Australian dollar affect all manufacturers, and businesses have to manage that risk," Macfarlane was quoted by the paper as saying. "Some of the car manufacturers that sell both imported and locally made cars in Australia have a natural hedge — a strong dollar may reduce profitability of exports, but the cars imported in U.S.-denominated contracts will be relatively cheaper."

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