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Abenomics Update: Domestic Japanese Car Sales Plunge 15.8%
While last night's Tankan manufacturing reports met lowered expectations, it seems the reality of the domestic Japanese economy remains as bleak as ever. As Nikkei reports, Japan's domestic sales of new cars, trucks, and buses declined 15.8% for a year earlier in June for the second consecutive month. Even if one argues that Abenomics goal is not just boosting the domestic economy, total Japanese car sales were down almost 11% YoY as Honda saw its sales drop a stunning 40.7%. The latest figures continue this year's downward trend and while some blame the particularly sharp drop on fewer selling days in June, the auto dealer's association also said reflects the "ongoing severe" situation in the domestic market.
Via Nikkei,
...
The latest figures continue this year's downward trend as sales have flagged after the government subsidies on eco-friendly cars expired in September. The association said that sales for the first half of this year are so far 11.6% off from a year earlier. While the association partly attributed the particularly sharp drop last month to the fewer number of selling days, it said it also reflects the "ongoing severe" situation in the domestic market.
Of Japan's Big Three auto makers, Honda Motor Co. suffered the steepest percentage fall in sales in June with a drop of 40.7% to 26,757 vehicles, followed by Toyota Motor Corp. which logged a 18.3% decline in sales to 121,514 vehicles. Nissan Motor Co. posted a 12.4% drop to 37,309 vehicles.
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"Tankan"
Tankin'
Tanking
Tanked
Bullshit (Tankan) talks while stat's (cars this time, soon all of them) walk
Dont most of their cars run on Fukishima Fission?
And some more good news out of Euro Zone (but at least there's no inflation):
Euro zone joblessness at record high, inflation up"Inflation in the 17-nation euro zone, which is suffering from its longest ever recession, increased to 1.6 percent year-on-year in June from 1.4 percent in May, the EU's statistics office Eurostat said.
Joblessness in the bloc stood at a record 12.1 percent in May, with the number of people out of work rising further above 19 million, Eurostat added."
"June's inflation reading was the second upward move from a three-year low of 1.2 percent in April, although it remains beneath the European Central Bank's target of just under 2 percent.
Economists expect inflation to remain below the target for the rest of this year, giving the ECB scope to leave interest rates at a record low,"
http://www.reuters.com/article/2013/07/01/us-eurozone-economy-idUSBRE960...
But....but....but....Blowhornists are telling me 'Markets up due to 'upbeat economic data' out of Yurip'....
very "Robust"
If only they could get 2% inflation, the times would be a-boomin'.
That's funny, the same applies to the EZ as well. If only...if only unicorns instead of reality.
How do you say Detroit in Japanese?
Awh that don't mean shit. CNBC says, Japanese manufacturers "More Confident."
You see it's a confidence game Goldman Sachs is playing. Facts ain't got nothing to do with it.
Coming soon to a dealership near you! GovCo can only keep the balls in the air for just so long. When they drop, they're going to hit the floor. It's just a matter of time now.
It's a damn good thing we have 20 million illegals to buy our cars and trucks.
Now as to who is going to pay for them, well...
Paging GMAC, ALLY, whateveh.
At least Japan has a good public transportation system compared to the crap we have here to get around if we can't afford to drive anymore.
Speaking of that as well...
BART Workers Strike After Failed Contract Talks
"SAN FRANCISCO (CBS SF) — Bay Area Rapid Transit workers walked off the job early Monday morning after last-minute negotiations failed to produce a new contract agreement. The strike ensured a nightmarish commute to start the week, leaving about 400,000 BART riders to find another way to get work.S"
http://sanfrancisco.cbslocal.com/2013/07/01/bart-workers-officially-strike/
Japan is 4 islands that never had any oil. If you can't afford to drive, you can't afford public transit, you just don't know it yet because the costs are being hidden and deferred.
We need flying cars!! No better way to stimulate auto sales than adding a new "must have" feature: Flying Jetson cars.
Please note that virtually all the 'positive' news from the TANKAN come from large exporting manufacturers.
Smaller, domestic demand orientated companies are nowhere near as optimistic, and have actually lowered their sales growth 'score' in the survey.
So far, Abenomics is all about the weaker Yen, but without deep structural reform, preferably from within corporate Japan itself, it will merely be a flash in the pan.
Still - having committed the way they have, Abe and Kuroda really have no way back from here. They have to continue, and press even harder if things don't go according to plan:
http://nipponmarketblog.wordpress.com/2013/06/01/japan-has-now-reached-v1/
15.8% OF ALL JAPANESE GOT SUPERPOWERS AFTER THE FUKUSHIMA RADIATION!!!
WAW!!!
WOULD YOU BUY A CAR IF YOU COULD TELEPORT OR FLY YOURSELF TO WHEREVERYOU WANTED TO?!!
Should be good for a 3% rally on the Nikkei tonight.
so the USA run rate is over a million cars a month. we're talking 200,000 a month? hmmm. "sign of things to come"? how many cars are even needed anymore?
YAY moar central plansters please!!
Thats nothing.
Irish car sales fell 73 % in June relative to June last year.
http://www.beepbeep.ie/stats?sYear%5B%5D=2013&sYear%5B%5D=2012&sRegType=1&sMonth%5B%5D=&sMonth%5B%5D=&x=50&y=8
This could be because of a change in the Reg system which uses the year as a marker.
For example a Cork car bought last year would be 12 - C reg
a Kerry car 13 - KY
Now the date system has been broken into two
A Cork car bought in the first half of the year would have a 13 -C -1 reg
in the seconf half 13-C- 2 reg
Still .....I can't see car sales rising too much over the next few months........
Easy to fix....Japanese car makers just need to come out with the fully loaded 'Fed Bukake' feature and they'll be flying off the lots!
In fact, the two growth spikes on that chart represent Japan's version of "Cash for Clunkers."
And I know someone at the time explained that such programs simply brought future consumption. And so here we are.
OT: http://finance.yahoo.com/news/unprecedented-80-billion-pulled-bond-065510499.html
$80B taken out of bonds funds. I want a Biderman video.
Japanese car owners prefer LHD cars so the Japanese manufacturers should switch the wheel to the other side.