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Japan Airlines records $1bn loss

August 7th, 2009 | No Comments

Japan Airlines plane

Japan Airlines – the largest carrier in Asia – has reported a significant loss in the three months to May, after ticket sales slumped during the period.

The airline made a loss of 99bn yen ($1bn; £618m) during the quarter, down from a 3.4bn yen loss a year earlier.

The figures come as Japan’s government prepares to provide an emergency loan to the carrier.

JAL could receive up to 100bn yen in state aid, say reports, providing the airline’s management improves.

Any funding would be provided through state owned Development Bank of Japan (DBJ).

Earlier this year, JAL sought to borrow up to 200bn yen from a government low-interest loans scheme.

The carrier saw sales drop 32% to 334.9bn yen from a year before.

JAL is maintaining its forecast for the fiscal year to March of a 63bn yen net loss.

This article is from the BBC News website. © British Broadcasting Corporation, The BBC is not responsible for the content of external internet sites.

Japan factory output rises again

July 30th, 2009 | No Comments

Cargo containers at port near Tokyo

Japan’s factory output rose for the fourth straight month in June, up 2.4% from May, as the manufacturing sector continued to recover.

For the April to June period, output rose 8.3% compared with January to March, which was the biggest quarter-on-quarter rise since 1953.

However, factory output last quarter was still substantially lower than the same time a year earlier.

And separate figures showed consumer spending was down again last month.

Retail sales were 3% lower in June than a year earlier, the 10th monthly fall in a row, as consumers continued to cut spending because of job market fears.

Analysts said the two sets of official figures showed that Japan’s slow recovery from recession was being led by exports, but that domestic consumption remained weak.

The Japanese central bank said early this month that the country’s economic conditions had "stopped worsening", but downgraded its economic forecast for the current financial year.

The Bank of Japan now expects the economy to shrink 3.4% in the 12 months to 31 March 2010, a deeper contraction than its previous forecast of -3.1%.

This article is from the BBC News website. © British Broadcasting Corporation, The BBC is not responsible for the content of external internet sites.

Japan’s export slide slows down

July 23rd, 2009 | No Comments

By Roland Buerk
BBC News, Tokyo

Cranes and containers at Yokohama, Japan (30/03/2009)

The slide in Japan’s exports slowed in June in a sign government stimulus spending around the world may be propping up demand.

But they were still 35.7% lower than the same month a year earlier.

Japan, dependent on exports for growth, has been suffering its steepest recession since World War II.

It is a sign of just how badly Japan’s economy has been battered that a drop in exports of more than one-third is hailed as perhaps a positive sign.

But the decline in June, of 35.7% compared the same month a year before, is better than May, when exports were down by more than 40%.

With imports also lower, Japan made a trade surplus of $5.4bn (£3.3bn).

Japanese companies have benefited particularly from government stimulus spending in China.

Japan’s economy shrank at an annualized pace of 14.2% in the first quarter of the year, the worst performance on record.

The Bank of Japan recently said conditions had stopped getting worse.

But any improvement is mostly being felt by bigger manufacturers.

Smaller companies are still struggling and unemployment is expected to continue to rise.</p

This article is from the BBC News website. © British Broadcasting Corporation, The BBC is not responsible for the content of external internet sites.