Wow, Japan's economy is getting *clobbered*

charlie

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Mon Dec-22-08 06:28 AM
Original message

This financial fiasco is getting real ugly --

Overall exports are down 27%.

Exports to the US are down an unprecedented 34%.

Exports to Europe fell 31%, the second highest ever.

Exports to China are down 25%, the sharpest downturn since 1995.

Exports to Asia are down 27%, the most in 22 years.

The government today lowered its assessment of the world’s second-largest economy, saying it’s "worsening" for the first time since 2002. Gross domestic product shrank in the past two quarters, sending Japan into its first recession since 2001.

Toyota, Honda Motor Co. and Sony Corp. are among the companies that are shedding thousands of workers and closing production lines as profits dwindle. Car exports slid 32 percent last month, the most ever, and semiconductors slumped 29 percent, the ministry said.

http://www.bloomberg.com/apps/news?pid=20601068&sid=aAozE0DYYhO4

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Greyhound

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Mon Dec-22-08 06:34 AM
Response to Original message

1. We've been saying it for years, nearly all of the world's major economies are dependent on

Edited on Mon Dec-22-08 06:34 AM by greyhound1966

having the heretofore insatiable American market to sell into. We go and we drag the whole world down with us.

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Uben

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Mon Dec-22-08 07:57 AM
Response to Reply #1

2. Misery loves company

.....and it will have all the company it wants!

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Romulox

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Mon Dec-22-08 08:08 AM
Response to Reply #1

4. On another thread, you wrote that GM's "greed" is what is hurting it. Toyota's just a victim

of circumstance, though? You do understand that the "910 car" provision in the bankruptcy code applies to Toyota as well, right? :shrug:

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DainBramaged

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Mon Dec-22-08 09:17 AM
Response to Reply #1

6. So should Toyota abandon it's strategy of global conquest?

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Romulox

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Mon Dec-22-08 08:04 AM
Response to Original message

3. Waiting for DU's "experts" to break down Toyota's labor costs and business plan

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DainBramaged

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Mon Dec-22-08 09:15 AM
Response to Reply #3

5. They're too busy complaining about the EV1

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xchrom

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Mon Dec-22-08 10:31 AM
Response to Original message

7. kick

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Mon May 06th 2024, 07:08 AM
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