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Article: Japan's exports tumble on global spending freeze
- Article from:
- AP Online
- Article date:
- March 25, 2009
- Author:
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Japan's exports _ once a key driver of growth _ tumbled faster than ever in February as a deteriorating economy forced consumers on every continent to put the brakes on buying new cars.
The country's carmakers, which until last year boasted massive profits, are among the biggest casualties of Japan's deepest recession since the end of World War II. Iconic brands Toyota, Honda and Nissan face what could be their bleakest business year ever.
They have all responded aggressively to try to stem the damage, reducing shifts, suspending factory lines and announcing thousands of job cuts over the past few months. Economists say they've never seen Japanese companies move so quickly to ...