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Japan FY09 Passenger Car Output To Revert

Discussion in 'Forex Daily News & Outlook' started by godoftrading, May 26, 2009.

  1. godoftrading

    godoftrading New Member

    Feb 23, 2009
    Likes Received:
    The Nikkei estimates that Japan passenger car production in fiscal 2009 will likely decrease to 1979 levels, mostly due to a plunge in exports.

    The projection, which was compiled based on automakers’ data and interviews with company officials, calls for the eight Japanese passenger car firms to assemble 8.21 million vehicles in the year ending in March 2010, 14% fewer than last year and the second consecutive annual decline, following a 15% fall in fiscal 2008.

    Toyota Motor Corp. and seven other Japanese passenger carmakers are being forced to lower production because exports, which absorbed 58% of their total domestic output in fiscal 2007, remain weak. While sales are picking up in some areas of Europe, thanks to government measures to encourage car owners to upgrade to new vehicles, demand in the mainstay US market continues to be soft. As a result, the companies’ total exports in fiscal 2009 will likely plunge by 25.7% to 4.04 million units.



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