Toyota to post first ever loss

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Toyota to post first ever loss
« Thread Started on Dec 22, 2008, 3:36am »

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Japan’s trade deficit grows; Toyota to post loss
Posted: 04:44 AM ET
TOKYO, Japan (CNN) — The Japanese economy took a triple dose of bad news on Monday as the global financial crisis took a big bite out of demand for the nation’s products.

Japan posted a trade deficit for the second month in a row as exports tumbled, the Finance Ministry reported. Japan reported a 223.4 billion yen ($2.5 billion) deficit in November. Global exports were down 26 percent, while exports to the United States slumped 33 percent.

“Japan’s economic conditions have been deteriorating,” the Bank of Japan said in another report released Monday. “Exports have decreased. Corporate profits have continued to decrease, and business sentiment has also deteriorated.”

A slumping global economy is also hurting the bottom line at Toyota. The Japanese automaker said on Monday that its net revenues are down 6.3 percent compared to a year ago. Toyota predicted it will post an operating loss for the year — it’s first ever — of 150 billion yen ($1.7 billion).