IV 
111TH CONGRESS 
1ST SESSION 
H. RES. 933 
Commending the Government of Japan for its current policy against currency 
manipulation and encouraging the Government of Japan to continue 
in this policy. 
IN THE HOUSE OF REPRESENTATIVES 
NOVEMBER 19, 2009 
Mr. DINGELL submitted the following resolution; which was referred to the 
Committee on Ways and Means 
RESOLUTION 
Commending the Government of Japan for its current policy 
against currency manipulation and encouraging the Gov-
ernment of Japan to continue in this policy. 
Whereas beginning in 1998 and continuing until 2004, Japan 
purchased hundreds of billions of dollars in foreign cur-
rency reserves, thus driving down the value of the Japa-
nese yen relative to the United States dollar; 
Whereas direct intervention in currency markets was supple-
mented during that time by the Japanese government’s 
‘‘jawboning’’ about further moves to weaken the value of 
Japan’s currency; 
Whereas currency manipulation caused unfair gains in Japa-
nese manufacturers’ collective share in the United States 
automobile market, as well as resulted in a $4,000 per- 
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vehicle cost advantage for imported Japanese vehicles 
over United States-made vehicles in 2006, according to 
the Automotive Trade Policy Council; 
Whereas Toyota and Honda have indicated in annual reports 
that their net revenues were increased due to the ex-
change rate between the United States dollar and Japa-
nese yen; 
Whereas the International Monetary Fund’s Articles of 
Agreement prohibit the use of currency manipulation as 
a method of gaining an unfair trade advantage; 
Whereas article XV of the 1994 General Agreement on Tar-
iffs and Trade (GATT 1994) and the Agreement on Sub-
sidies and Countervailing Measures both suggest that 
currency manipulation in order to gain an unfair trading 
advantage would violate the intent of those agreements; 
Whereas The Financial Times reported in a September 28, 
2009, article that Hirohisa Fujii, the Japanese finance 
minister, announced Japan would not intervene to stem 
a recent rise in the value of the Japanese yen; and 
Whereas The Financial Times reported in an October 26, 
2009, article that Haruhiko Kuroda, president of the 
Asian Development Bank, said ‘‘China, Japan, and other 
east Asian countries must have ‘serious’ talks on cur-
rency cooperation to prevent a recurrence of violent fluc-
tuations’’: Now, therefore, be it 
Resolved, That the House of Representatives— 
(1) commends the Government of Japan for its 
recent reversal in policy pertaining to currency ma-
nipulation; and 
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(2) encourages the Government of Japan to 
maintain this new policy, thereby conforming to its 
responsibilities as a member of the International 
Monetary Fund and the World Trade Organization, 
as well as promoting free and fair international 
trade. 
Æ 
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