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Tuesday, 23rd February 2010
In Business In Japan,
Japan's exports slowing in wake of Toyota scandal
Export levels in Japan are slowing after the president of Toyota was called to speak before US Congress following recent safety scandals.
Japanese parliamentary secretary on economic affairs Keisuke Tsumura said: "Strong growth in Asia-bound exports seems to be slowing and we also have to consider Toyota's recalls, so we've given a cautious judgment on exports."
As a result of the falling exports, Japan has lowered its estimates for exports in its February economic report and many market analysts suggest that the ongoing scandal could have an impact on Japan's gross domestic product.
Toyota has come under fire after failing to react quickly to safety issues with many of its models, with president Akio Toyoda personally criticised for not speaking publically about the issue for some time.
He is due to appear before US Congress tomorrow (February 24th).
Toyota has promised to overhaul its quality check procedures and also said that all future cars will be fitted with a new braking override system.
Written by Mark Smith.
Related news stories:
Applications for Tokyo Marathon 'up 68%' (25th September 2008)
Toyota enjoys strong global sales to remain largest auto maker (30th October 2012)
Toyota to enter Japan's small car market (29th September 2010)
Toyota comes under further recall criticism (21st May 2010)
Toyota shareholders sue troubled firm (22nd March 2010)
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