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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help 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's industrial production falls 9.4 percent By TOMOKO A. HOSAKA,Associated Press Writer AP - Tuesday, March 31 TOKYO - Japan's industrial production fell for the fifth straight month in February, but the bad news will only get worse this week for the world's second-largest economy when a key survey of business sentiment is expected to fall to its lowest level ever. ADVERTISEMENT Factory output tumbled 9.4 percent from a month earlier, with especially steep cutbacks among makers of motor vehicles and general machinery, the government said Monday. The figure was in line with market expectations and follows January's record 10.2 percent plunge. Japan, which had relied on foreign sales of its cars and gadgets to drive economic growth, now finds itself mired in its deepest recession since the end of World War II as consumers and companies around the world slash spending. Data last week showed that the gloom nearly halved exports in February. The government will release unemployment and household spending data on Tuesday. The Bank of Japan will follow Wednesday with the results of the closely watched "tankan" quarterly business survey. The report, which polls 10,000 companies, is expected to show business confidence at an all-time low. "While the anticipated pace of deterioration and the level of the (tankan's main diffusion index) are breathtaking, these dramatic numbers are no longer surprising after the incredible fall in major economic indicators, including GDP" in the fourth quarter, said Masamichi Adachi, senior economist at JP Morgan in Tokyo. Japan's gross domestic product shrank by an alarming 12.1 percent annual rate in the October-December quarter. The contraction is the severest for Japan since the oil shock of 1974 and is double the pace of the decline in the U.S. There were some hopeful signs amid the gloom. The Ministry of Economy, Trade and Industry predicts industrial production will rise 2.9 percent this month and climb 3.1 percent in April as the country's factories begin to stir. In response to the unprecedented collapse in global demand, major exporters including Toyota Motor Corp. and Sony Corp. have moved quickly to adjust, reducing shifts, suspending factory lines and slashing thousands of workers. Their aggressive moves have suppressed inventory levels, which dropped 4.2 percent in February in the second straight month of decline, the ministry said. Manufacturers' shipments fell 6.8 percent. "The auto industry is leading the way in reducing cutbacks as inventories fall below optimum level due to high-speed inventory corrections," said Goldman Sachs economist Chiwoong Lee in Tokyo. "Production should stabilize at low levels and might even post a small increase for April-June." Indeed, Nissan Motor Co. said last month that its inventory levels have dropped low enough to ease domestic production cuts in March, though spokeswoman Pauline Kee declined to provide specific output goals. Along with slimmer stockpiles, Japanese exporters are also beginning to see slivers of hope in the U.S. and China _ their two biggest markets and the keys to an economic recovery. U.S. home sales and demand for durable goods rose in February, while Wall Street has staged a strong rally over the last few weeks on optimism over a government plan to rid banks of souring debts. Japanese stocks followed suit, with the benchmark Nikkei 225 stock average up 20 percent between a 26-year-low on March 10 and Friday. But trading turned bearish Monday as the Nikkei tumbled 4.5 percent amid concerns about the fate of the U.S. auto industry. In China, overall economic growth slowed to 6.8 percent in the fourth quarter from 2007's stunning 13 percent rise. But a 4 trillion yuan ($586 billion) stimulus planned by Beijing is expected to provide a boost to major companies with public works spending. The country's central bank governor also said in a recent essay that the country's growth decline appears to be slowing. Japanese officials plan to unveil new stimulus measures of their own ahead of the G-20 summit in London later this week, on top of about 12 trillion yen ($122 billion) in public spending announced last year. Finance Minister Kaoru Yosano has suggested that the government may need to spend up to 20 trillion yen in a new package to wrest the economy out of a painful recession. 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 Oil tumbles below $50 for first time in a weekAP - 1 hour 29 minutes ago Japan's factory output down but poised for reboundAP - 2 hours 11 minutes ago China's CIMC swings to year-on-year Q4 lossReuters - 2 hours 29 minutes ago China's Wuhan Iron buys stake in Consolidated ThompsonReuters - Tuesday, March 31 Related Articles: Business RPT-UPDATE 2-China, Argentina sign 70 bln yuan currency swapReuters - 55 minutes ago Obama orders tough medicine for GM, ChryslerReuters - 56 minutes ago WRAPUP 4-Obama orders tough medicine for GM, ChryslerReuters - 59 minutes ago FDA: Bristol-Myers diabetes drug appears safeAP - 1 hour 17 minutes ago Weyerhaeuser CEO gets 2008 pay valued at $4.7MAP - 1 hour 17 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Prince William up for Afghanistan fight: report US toughens conditions for GM, Chrysler aid Hot tea linked with throat cancer Peugeot board sacks boss Streiff 100,000 secular Britons seek 'de-baptism' View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! 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