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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Japan auto sales fall to 34-year low in 2008: industry group AFP - Tuesday, January 6 TOKYO (AFP) - - New vehicle sales in Japan slumped to the lowest level in three decades in 2008 as recession hit Asia's biggest economy, piling pressure on its auto giants, an industry group said Monday. Domestic sales, excluding mini-vehicles, tumbled 6.5 percent from the previous year to 3.2 million units, the Japan Automobile Dealers Association said. It was the lowest level since 1974 in the wake of the first oil shock, when automakers had sold 3.1 million vehicles. The sales slump worsened towards the end of the year. In December alone sales fell 22.3 percent from a year earlier to 183,549 vehicles. The Japanese auto market has been shrinking in recent years as many young people shun cars, particularly in cities, due to sluggish wages and high running costs. The global economic downturn has taken a heavy toll on Japanese automakers, which rely heavily on exports for their earnings. Japan's top carmaker Toyota Motor Corp. last month forecast an operating loss of 150 billion yen (1.6 billion dollars) for the financial year to March 2009, which would be its first ever annual loss. Honda Motor Co. and Nissan Motor Co. have also been hit by falling earnings, although they are still in better shape than their US rivals, which have been forced to seek a government bailout to stave off bankruptcy. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Hong Kong's main stock index rises 3.5 percentAP - 1 hour 57 minutes ago Foreign investment in Myanmar soarsAP - 2 hours 52 minutes ago China has leeway to adjust monetary policy: senior officialAFP - Tuesday, January 6 Japan auto sales fall to 34-year low in 2008: industry groupAFP - Tuesday, January 6 Related Articles: Business Explosion cuts daily oil output by 12,000 barrelsAP - 32 minutes ago Thai stimulus plans to help prevent deflation - PMReuters - 37 minutes ago China sovereign wealth fund says cash is kingReuters - 37 minutes ago DRAM maker Powerchip seeks to cut costs, sell assetsReuters - 38 minutes ago TOPWRAP 3-U.S. and Germany weigh tax moves, markets cheeredReuters - 42 minutes ago Enlarge Photo Japan auto sales fall to 34-year low in 2008: industry group Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed US steel industry in collapse, eyes government aid: report Israeli army moves on Gaza City as war toll passes 510 John Travolta's teenage son dies, autopsy planned France leads alarm over Gaza, splits with US Rare Bugatti untouched for 50 years could fetch millions: report View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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