After posting their first annual loss in 70 years, Toyota is about to break another (previously airtight) boundary by sourcing steel from Korea timesonline.co.uk reports:
Brokers described the gambit, which plays heavily on the current strength of the yen versus the Korean won, as a “scene-shifting” moment for corporate Japan and the cosy lattice of domestic-only relationships that date back many decades.
The move is expected to send shockwaves through the Asian automotive industry where only Japanese steel used to be seen as good enough for a Japanese car. And the favourable exchange rate may mean that other Japanese industries start looking westward to retain profitability.
It just goes to show that a crisis can be the real deal when it comes to bringing out the best of us and doing away with traditional – and outdated – practices.
