Japan tries to avoid another lost decade

By Paul R. La Monica, CNNMoney
2008-12-22 11:36:33

NEW YORK (CNNMoney.com) -- The 1990s are commonly known as Japan's "lost decade." Now, this decade isn't looking too good either.

Japan's Finance Ministry reported Monday that global exports slumped nearly 27% in November and that exports to the United States plunged almost 34%.

The combination of a strong yen, which makes Japanese goods more expensive, and cash-crunched consumers worldwide is crippling Japanese exporters.

Toyota Motor (TM) warned Monday that it would post an operating loss for this fiscal year, which ends in March. Honda Motor (HMC) cut its profit outlook last week and said it would scale back auto production.

Electronics company Sanyo, facing tough market conditions around the globe, agreed Friday to sell itself to rival Panasonic (PC). And earlier this month, Sony (SNE) announced it was cutting 8,000 jobs, or about 4% of its worldwide workforce. Shares of Sony's U.S.-listed stock have plummeted nearly 63% this year.

	Investment Basic Investment Overview Investment Approache Fundamentals Data Investment Stories www.fxj108.com	Japan tries to avoid another lost decade By Paul R. La Monica, CNNMoney 2008-12-22 11:36:33 NEW YORK (CNNMoney.com) -- The 1990s are commonly known as Japan's "lost decade." Now, this decade isn't looking too good either. Japan's Finance Ministry reported Monday that global exports slumped nearly 27% in November and that exports to the United States plunged almost 34%. The combination of a strong yen, which makes Japanese goods more expensive, and cash-crunched consumers worldwide is crippling Japanese exporters. Toyota Motor (TM) warned Monday that it would post an operating loss for this fiscal year, which ends in March. Honda Motor (HMC) cut its profit outlook last week and said it would scale back auto production. Electronics company Sanyo, facing tough market conditions around the globe, agreed Friday to sell itself to rival Panasonic (PC). And earlier this month, Sony (SNE) announced it was cutting 8,000 jobs, or about 4% of its worldwide workforce. Shares of Sony's U.S.-listed stock have plummeted nearly 63% this year.