OSAKA, Japan -- Toyota Motor Corp. Chairman Hiroshi Okuda said on Tuesday that the yen's current exchange rate against the euro has made it much easier for Japanese firms to compete in European markets compared with just a few years ago.
The euro has risen by more than 55 percent against the yen from record lows near 89 set in October 2000. The yen hit nearly 141 against the euro last week.
Okuda also said the dollar, trading at around 118.40 yen on Tuesday afternoon, was near the higher end of what he thought was an acceptable range for exporters.
"It's pinned close to 120 to the dollar, so exporters cannot really say the yen is too strong. In a sense, I think it's a comfortable level," Okuda told a news conference.