In 09 year Japanese government forecasts zero growth in real GDP and prices remain stable
On January 19th, according to Japan’s Kyodo news agency, Xinhua reported that the Japanese government at the cabinet meeting held on the morning of 19th, got through the 2009 annual economic outlook report. The report predicted that after discounting price changes the actual GDP would be at zero growth and in nominal GDP would grow by around 0.1 percent. Composite price movements GDP deflator is expected to be increased by about 0.1 percent, and prices will remain stable.
Japanese largest regional bank intended to apply for government capital injection of billions
Comprehensive inquiry in Sapporo, Japan’s largest regional bank (Sapporo Bank) is considering an application for the government to inject capital, the scale of 10 billion expected in a few around, which is the first Japanese bank since the crisis to seek capital injection from the Government to rescue. According to reports, the Northern Bank of owning Sapporo holding company has embarked on research to the Financial Services Agency to apply for government for capital injection. Sapporo Beiyang will be based on the new law of “financial function to strengthen” to carry out a consultation with the Financial Services Agency.
Japanese largest general trading company, Itochu will purchase 30 percent of SHANSHAN equity
By the end of last year, following a burst of the purchase of Ting Hsin Group of Kangshifu club with a huge maney, Japanese largest general trading company – Itochu again put out the tentacles towards China’s clothing (000,902, stock it) giant, Shanshan Group. Yesterday, Ningbo Shanshan ltd. (600,884, stock it) announced that part of the shares of SHANSHAN group which the company controlled as shareholder will be transferred to Itochu.
To cope with declining sales caused rising inventories, the two major car manufacturers in Japan will further cut production
To deal with falling auto sales caused rising inventories, Japanese two major car manufacturers, Toyota Motor (Toyota) and Honda Motor (Honda) will further reduce output, while the third-largest maker Nissan Motor (Nissan) factory has been abroad for conservation production costs. Due to the global economic recession curbed demand for cars in mature markets and led in emerging economies in sales growth slowing, Japan’s leading automobile and parts manufacturers Subaru (Fuji Heavy) became the the latest car manufacturer in fiscal year to forecast a loss.
Most of Japanese manufacturing firms in this fiscal year will have a deficit
Toyota Motor Corp., Nissan Motor Co. and Sony Corporation and other international well-known Japanese manufacturing firms are expected to in 08 fiscal year have operating deficits. Due to the financial crisis, a world-wide consumption recession and the Japanese yen exchange rate rising leading to sluggish exports of automobiles and motors, business suffered a devastating blow. These export enterprises will deteriorate the performance of domestic employment situation and investment in equipment.
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