It was after the outbreak of the global financial crisis in 2008 that someone suggested we produce the Nissan March in Thailand. We were dealing with a very strong Japanese currency.
The March is one of Nissan Motor's biggest sellers in Japan. As the yen kept increasing in value, this compact car -- which was produced domestically and sold for around 1 million yen ($8,798 at current rates) -- became difficult to export profitably. I listened to various opinions regarding the transfer of the March's production to Thailand. Some said it would lead to "the deindustrialization of Japan." But even after the financial crisis hit, the yen continued to soar, and we needed to revise our cost structure in accordance with the changing currency rates.
