Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Japan's car lobby says domestic auto sales recovering, warns on consumer spending

share with twitter share with LinkedIn share with facebook
09/24/2020 | 01:38am EDT
People walk beside test-driving cars outside a car maker's showroom in Tokyo

Japan's influential car lobby said on Thursday domestic vehicle sales sharply recovered in September after the government lifted a lockdown in May, but warned the coronavirus pandemic would continue to weigh on consumer spending.

The world's third largest economy suffered its worst postwar contraction in the second quarter, and while it has shown some signs of life recently, consumer and businesses remain cautious.

Seiichi Nagatsuka, vice chairman of the Japan Automobile Manufacturers Association (JAMA), told a regular press briefing that domestic vehicle sales this month had recovered to almost the same level as September last year.

"I hear that sales have recovered to close to 90%, but a rebound in consumer spending is slowing and so the severe situation is unchanged," said Nagatsuka.

The group, which is headed by Toyota Motor Corp President Akio Toyoda, represents all of Japan's big automakers, including Toyota , Nissan Motor Co and Honda Motor Co..

Japan's car sales fell by more than 40 percent year-on-year in May after Japan urged people to stay home in April in a bid to halt the spread of the coronavirus pandemic.

JAMA wants the government to extend tax breaks given on car purchases earlier this year to offset the coronavirus fallout and to offer other incentives to boost domestic sales and support an industry it says employs more than five million workers.

(Reporting by Tim Kelly and Maki Shiraki; Editing by Ana Nicolaci da Costa)

Stocks mentioned in the article
ChangeLast1st jan.
HONDA MOTOR CO., LTD. 0.74% 2580 End-of-day quote.-16.75%
MAZDA MOTOR CORPORATION 2.15% 618 End-of-day quote.-34.12%
MITSUBISHI MOTORS CORPORATION 1.90% 215 End-of-day quote.-53.06%
NISSAN MOTOR CO., LTD. 1.97% 387.9 End-of-day quote.-39.02%
SUZUKI MOTOR CORPORATION 0.09% 4632 End-of-day quote.1.42%
TOYOTA INDUSTRIES CORPORATION 1.95% 6800 End-of-day quote.7.42%
TOYOTA MOTOR CORPORATION 0.10% 6973 End-of-day quote.-9.61%
share with twitter share with LinkedIn share with facebook
Latest news "Economy & Forex"
03:33pEXCLUSIVE : Macron lays ground for netting Brexit compromise on fisheries
03:30pNATIONAL BANK OF MOLDOVA : Graphical analysis of money transfers from abroad in favour of individuals, September 2020
02:00pAryzta says talks with Elliott Advisors ended without binding offer
01:22pU.S. CDC reports 223,393 total deaths from coronavirus
12:55pItaly plans further curbs as coronavirus cases hit new record
12:10pG20 OF TWENTY FINANCE MINISTERS AND CENTRA : Empower Alliance meeting - Statement
11:20aItaly reports new daily coronavirus total, further curbs likely
11:20aItaly reports new record of 19,644 new coronavirus cases on saturday - health ministry
09:27aDubai announces $136 million extra stimulus package
09:00aCENTRAL PEOPLE GOVERNMENT OF PEOPLE RE : China's telecom sector sees steady growth
Latest news "Economy & Forex"