Toyota Motor Corporation (hereinafter referred to as "Toyota") was founded by Akio Toyoda. Is an automobile manufacturing company headquartered in Toyota City, Aichi Prefecture and bunkyo-ku, Tokyo. Its predecessor is Japan's Otai company, which belongs to Japan's Mitsui industrial chaebol. Toyota is one of the top ten automobile industry companies in the world and the largest automobile company in Japan. Established in 1933. Since 2008, Toyota Motor Corporation has gradually replaced General Motors as the world's first automobile manufacturer.
Japanese companies have taken the following measures to deal with foreign exchange risks:
(1) Short-term measures
1, forex futures trading. The collapse of "Bretton Woods system" in 1970s directly prompted the United States to introduce foreign exchange futures. In Japan, forex futures trading has been adopted by most enterprises to avoid financial risks. According to the statistics of Japan's Ministry of Economy, Trade and Industry, about 44% of Japanese enterprises will choose forex futures trading to avoid risks.
2. Expand Japanese yen settlement. Foreign exchange risk mainly exists when foreign currency is used for foreign transactions. If you settle in local currency, you can avoid foreign exchange risks. Therefore, since the mid-1980s, the transactions settled by Japanese enterprises in Japanese yen have been increasing, especially in terms of imports. The settlement rate of Japanese yen rose from 65438+ 10% in 0986 to 25% in 2004.
3. Balance of foreign exchange assets. In the mid-1980s, many Japanese multinational companies began to set up financial operation companies in Europe and other places to manage and balance foreign exchange assets from the perspective of the company as a whole by hedging and adjusting creditor's rights and debts. However, this measure is limited to multinational enterprises and it is difficult to apply to small and medium-sized enterprises. Only 4% of enterprises in Japan take such measures.
4. Reverse the transaction balance. The appreciation of the yen is beneficial to imports, but not to exports. Therefore, large Japanese enterprises, which are mainly general trading companies and have both export and import businesses, have taken measures to reduce exports and expand imports in order to avoid the risks brought by the appreciation of the yen and maintain the company's profits. However, the applicability of this method to enterprises is relatively low, only about 4%.
5. Price transfer. Part of the increase in export costs caused by the appreciation of the yen is passed on to the prices of export commodities, and part of the risks are borne by overseas importers. However, this method is difficult in the fierce market competition.
(2) medium and long-term measures
Short-term financial measures can not completely avoid foreign exchange risks, and we must start with medium-and long-term product structure adjustment. Japanese enterprises take measures such as increasing the added value of products and enhancing competitiveness to truly overcome the adverse effects brought about by the appreciation of the yen.
1. Adjust industrial structure, increase added value and enhance industrial competitiveness. First, increase the added value of products through technological innovation and differentiation strategy. For example, Japanese TV sets have experienced the process of continuous upgrading of black-and-white TV sets, color TV sets, flat-panel TV sets and digital TV sets, and automobiles have also realized the transformation from Volkswagen to limousines and hybrid cars. Second, reduce production costs through technological innovation, increase the import of cheap parts and reduce energy consumption.
2. Accelerate overseas transfer, strengthen overseas production system and expand multilateral trade. Make full use of the advantages brought by the appreciation of the yen, establish a global production system, increase the proportion of local parts procurement, cultivate local cooperative enterprises and expand multilateral trade. This can not only improve the resistance to exchange rate changes, but also establish a global internal division of labor system to promote the export of raw materials and parts. Japan's automobile industry is outstanding in this respect. Since the 1980s, Toyota and other Japanese car companies have started to produce in the United States, which not only solved the trade friction between Japan and the United States, but also expanded the market share of Japanese cars in the United States. By 1995, the cars produced by Japanese car companies in the United States have accounted for 20.7% of the American market share, while in 1985, this figure is only 2.0%.
The related history of yen appreciation and its three major impacts on trade;
(a) The yen appreciated in the first half of 1970s. 197 1, President Nixon announced the depreciation of the dollar and stopped fighting against gold, and the yen began to appreciate sharply for the first time. By the time of the first oil crisis in 1973, the yen had appreciated from 1 USD to 360 yen to 306 yen. Japan's economic growth rate once declined due to the appreciation of the yen, but it remained basically stable in terms of exports, and some competitive industries, such as automobiles and chemicals, also achieved considerable growth. Taking 1972 as an example, Japan's export growth rate remained at 19%, and its trade surplus reached 5 1 USD. This is mainly due to the increase in export prices caused by global inflation, the increase in demand caused by the expansion of the world economic boom, and the fact that Japanese industries have reached the international advanced level and improved their competitiveness, so that Japanese enterprises can withstand the pressure brought about by the appreciation of the yen.
(2) 1985 After the Plaza Agreement, the yen appreciated. 1985, the United States and Japan and other major industrialized countries signed a plaza agreement, which promoted the appreciation of the yen. By the end of 1986, the yen had appreciated to 1 USD, which was converted into RMB 150- 160 yen. The appreciation of the yen has led to a "bubble economy" in Japan, but in terms of exports, the appreciation of the yen has not brought much negative impact. 1988 and 1990, Japan's trade scale expanded to 400 billion dollars and 500 billion dollars respectively. Since 1986, Japan's trade surplus has remained above $50 billion for most years. This is mainly due to the good economic situation in the United States and Southeast Asia, and the sharp increase in overseas investment caused by the appreciation of the yen in the same period, which has led to the growth of spare parts exports.
(3) The yen appreciated in the first half of 1990s. From 1990, the yen appreciated again, and by the end of 1995, it had been converted from 1 USD to 150 yen, with an appreciation of about 90 yen. Although the appreciation is not as great as it was 85 years ago, it has a great impact when the "bubble economy" is collapsing, the industry is undergoing difficult adjustment and employment is facing a severe situation. This appreciation has greatly reduced Japan's exports of final consumer goods and increased imports. At the same time, it also greatly increased overseas direct investment, which led to the expansion of related production materials and spare parts exports.