GM Holden Cuts 500 Australian Workers Citing Currency Strength
This article is for subscribers only.
General Motors Co.’s Holden division will cut about 500 jobs in Australia, saying the strong local dollar and currency devaluations in competing markets had made operations in the nation among the most expensive in the world.
The Australian dollar’s 83 percent surge against the yen since its low on Oct. 27, 2008 propelled imports of Japanese cars to a record high last year. The yen today dropped to its weakest since June 2009 on expectations that Bank of Japan measures to fight deflation will further debase the currency.