MW: Japanese domestic car sales slump 30% in March
By Chris Oliver
HONG KONG (MarketWatch) -- Japanese domestic car sales were down about 30% in March from year-earlier levels, according to reported preliminary data released Wednesday by the Japan Automobile Dealers Association. The figures covered sales for the first 29 days of the month, and were reported by Nikkei. Only 230,000 new cars were sold in the period, the report cited the association data as saying. Little change was expected in full-month figures, as a surge in auto sales normally seen in the final days of the month is unlikely owing to vehicle-inventory shortages arising from quake-related factory closures. Seperately, Credit Suisse said Wednesday that Japanese industrial production is set to decline 10% in March from February's figures. The prefectures in northern Japan most affected by the twin disasters account for 7.3% of gross domestic product, but the related supply-chain disruptions are resulting in shortages throughout Japan's industrial base and magnifying the slowdown, Credit Suisse said.
