BUSINESS BRIEFING / GLOBAL ECONOMY
Times Staff and Wire Reports
Japanese manufacturers cut production an unprecedented 9.6% last month, deepening a recession that’s expected to be the worst in the postwar era.
The drop eclipsed the previous record of an 8.5% decline set in November, the Trade Ministry said in Tokyo. Economists predicted a month-on-month decrease of 8.9%.
Recessions in the U.S. and Europe and a slowdown in China have smothered demand for Japanese cars and electronics. Toyota Motor Corp., Sony Corp. and Honda Motor Co. are shutting factory lines and firing thousands of workers as plummeting sales abroad wipe out earnings.