Dec. 28, 2009 - Japan¡¯s Industrial Production Rises 2.6% on Exports (Update2)
Japanese manufacturers increased output at the
fastest pace in six months in November, supporting the nation¡¯s recovery from
its deepest postwar recession.
The Nikkei 225 Stock Average rose 1.1 percent Air Jordan Shoes after the report. Renewed demand in Asia is encouraging companies including Fuji Heavy
Industries Ltd. and Suzuki Motor Corp. to increase production and the
government said today companies plan to boost output in December and January.
¡°We¡¯re seeing continued strength in output,¡± said
Hiroaki Muto, a senior economist at Sumitomo Mitsui Asset Management Co. in Tokyo. ¡°Manufacturers
will drive the recovery next year and help the economy avoid a double-dip
recession.¡±
Japan¡¯s currency traded at 91.59 per dollar at 9:47 a.m.
in Tokyo from
91.49 before the report. The yen has weakened since hitting a 14-year high of
84.83 on Nov. 27. A higher yen erodes the value of profits companies earn
abroad and adds to deflation by driving import costs lower.
Companies surveyed by the trade ministry said they
plan to increase output by 3.4 percent this month and 1.3 percent in January,
today¡¯s report showed.
The gains in factory output may ease concern Japan¡¯s
economic recovery will stall after a government report this month showed
companies plan deeper spending cuts on plant and equipment in the fiscal year
ending March 31.
¡°Demand from China
and other emerging economies will remain a locomotive for industrial
production,¡± said Shunsuke Saito, an economist at Dai-Ichi Life Research in Tokyo.
Exports to China
and Asia rose in November for the first time
since September 2008, according to a Finance Ministry report released last
week. Shipments to Air Jordan 6 Asia advanced 4.7 percent in November from a
year earlier, while exports to China
climbed 7.8 percent.
Fuji Heavy, the maker of Subaru cars, expects to
boost sales in the U.S. and China next year
by 15,000 vehicles in each market, Chief Executive Officer Ikuo Mori said in an
interview on Dec. 16. Suzuki Motor plans to increase production of small cars
in emerging markets including Pakistan,
Indonesia and Vietnam, the
company¡¯s Chairman Osamu Suzuki said this month.
Japanese policy makers are trying to sustain a
recovery that¡¯s under threat from the currency¡¯s gains and deflation. Prime
Minister Yukio Hatoyama unveiled a 7.2 trillion yen economic stimulus package
on Dec. 8, a week after the Bank of Japan released a 10 trillion yen credit
program. Hatoyama¡¯s government also last week announced a record 92.3 trillion
yen budget for the year starting April.
Large companies plan to cut capital spending 13.8
percent in the year ending March 2010, the second-worst projection on record,
the Bank of Japan¡¯s Tankan survey showed this month. Economic growth slowed to
an annualized 1.3 percent in the third quarter, about half the pace of the previous
three Air Jordan
7 months.
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