Car Factory output falls in Japan; Asian Stocks plummet

Japan's car factory output has fallen sharply for the fifth consecutive month in February.
Annual car production in Japan has fallen by more than 9% in this financial year. An independent industry data has showed that Car production in Japan had plummeted by 56% in the previous month.
In Fx trading today, yen rose against the euro on speculation investors will reduce holdings of higher-yielding assets.


IMF predicts gloomy picture:
Revenue from exports have seen a sharp fall as the worldwide demand for goods has been sapped. Output in related sectors like the passenger cars, trucks and buses has fallen as we well.
The IMF expects Japan, one of the largest economies in the world, to register a contraction of up to 5.8% in the up coming financial year.

The finance minister has said that Japan plans to inject a stimulus package worth more than 2% of its GDP.

Asian Stock Nosedive:
World stocks fell on concerns the global slump is deepening.Worst performers have been the Asian stocks which nose dived on speculation over persistent problems in the US car industry.

GM's chief executive has been asked by the US president to step down even as GM and Chrysler, two of the car firm giants, requested another round of Government bail-out.


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