Planetary Rescue Operations [Filtered & blocked by Google!]

Japan’s Wrong Kind of Economy Backfires

Posted by msrb on December 22, 2008

Is Automobile Obsolescence Responsible for Automakers’ Economic Woes?

Japan’s exports and business confidence fall sharply as the country’s recession deepens

Japan reported its worst ever drop in exports in November, as the interest rates were cut to 0.1 percent and $54 billion in additional government spending was announced. According to a Reuters Tankan monthly survey,  the business sentiment is at its lowest for a decade.

Toyota Motor Co, the world’s top automaker was expected to forecast its first annual operating loss since the war.

Japan’s 10,000-yen note [worth about $111 – see today’s date above.]

A brief scan of Japan’s export results:

  • Japan posted a trade deficit of $2.5bn November
  • Exports fell at their fastest-ever rate, down nearly 27% from a year earlier
  • Demand for Japanese goods has plunged due to a strong yen and a weak global market*
  • Japanese exports to the US feel sharply by a record 34%
  • Exports to EU countries were down by 31%
  • Sales to China fell by nearly 25%
  • Exports to the rest of Asia were down by 27%
  • Imports were down by about 14% partly due to lower oil prices

The world’s second-largest economy has slid into a recession, its first in seven years. The government expects zero growth in the for the 2009 financial year, which starts  March 2010.

*[Note: MSRB Moderators believe automobile obsolescence caused by increasing awareness of anthropogenic climate change is another important factor in the  automakers’ economic woes. ]

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