March 25 (Bloomberg) -- Japanâs exports plunged by a record in February as deepening recessions in the U.S. and Europe sapped demand for the countryâs cars and electronics.
Overseas shipments plummeted 49.4 percent from a year earlier, the sharpest decline since at least 1980, when the government started to keep comparable data, the Finance Ministry said today in Tokyo. Economists predicted a 47.6 percent drop.
Prime Minister Taro Aso is compiling his third economic stimulus package as a deepening slowdown in Japanâs overseas markets puts thousands out of work at home, threatening domestic demand. Finance Minister Kaoru Yosano said this week said that a new package of as much as 20 trillion yen is ânot out of lineâ as the economy heads for its worst recession since 1945.
âThereâs been a structural shock to the manufacturing sector,â said Hiroshi Shiraishi, an economist at BNP Paribas in Tokyo. âSo yes, the government can create demand temporarily, but that canât fill the export gap forever.â
Japanâs gross domestic product shrank an annualized 12.1 percent last quarter, the biggest contraction among the advanced economies and the countryâs sharpest decline since the 1974 oil crisis. Toyota Motor Corp., forecasting its first net loss in 59 years, yesterday said overseas shipments plunged 69 percent in February from a year earlier.
http://www.bloomberg.com/apps/news?pid=20601087&sid=arHdI4EAA_9w&refer=home
I think Jim Rogers lately recommended buying JPY...
Overseas shipments plummeted 49.4 percent from a year earlier, the sharpest decline since at least 1980, when the government started to keep comparable data, the Finance Ministry said today in Tokyo. Economists predicted a 47.6 percent drop.
Prime Minister Taro Aso is compiling his third economic stimulus package as a deepening slowdown in Japanâs overseas markets puts thousands out of work at home, threatening domestic demand. Finance Minister Kaoru Yosano said this week said that a new package of as much as 20 trillion yen is ânot out of lineâ as the economy heads for its worst recession since 1945.
âThereâs been a structural shock to the manufacturing sector,â said Hiroshi Shiraishi, an economist at BNP Paribas in Tokyo. âSo yes, the government can create demand temporarily, but that canât fill the export gap forever.â
Japanâs gross domestic product shrank an annualized 12.1 percent last quarter, the biggest contraction among the advanced economies and the countryâs sharpest decline since the 1974 oil crisis. Toyota Motor Corp., forecasting its first net loss in 59 years, yesterday said overseas shipments plunged 69 percent in February from a year earlier.
http://www.bloomberg.com/apps/news?pid=20601087&sid=arHdI4EAA_9w&refer=home
I think Jim Rogers lately recommended buying JPY...
