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Tuesday, 3rd March 2009
In Business In Japan,

Cars sales fall sharply in Japan

Sales of new cars in Japan fell by nearly one-third last month as consumers tightened their belts, new figures have shown.

Just over 218,000 new vehicles were sold in February, down by 32.4 per cent on the previous year.

Sales also dropped for the seventh consecutive month, as major carmakers such as Toyota, Nissan and Honda were shunned by motorists.

Kentaro Nakata of the Japan Automobile Dealers Association said the buying habits of domestic consumers have been influenced by the economic downturn.

He commented: "Auto demand remains depressed and it is very difficult to predict an upturn in the market right now."

It has also been reported that Toyota, the world's biggest car manufacturer, has revealed it is seeking a government loan to help bolster its financing unit.

The firm is currently in talks with the Japan Bank for International Cooperation, which was established last year to help struggling businesses.

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