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| Japan's February exports halved | Japan's February exports halved |
| (20 minutes later) | |
| Japan's exports saw a record plunge in February, falling by nearly half compared with a year earlier, according to the country's finance ministry. | Japan's exports saw a record plunge in February, falling by nearly half compared with a year earlier, according to the country's finance ministry. |
| Exports fell 49.4% year-on-year to 3.526tn yen ($36bn; £24.6bn), though this was in line with forecasts. | |
| The latest data comes after figures for January showed year-on-year exports nearly halved that month as well. | The latest data comes after figures for January showed year-on-year exports nearly halved that month as well. |
| The world's second-largest economy is suffering in the downturn as demand for its products has collapsed. | The world's second-largest economy is suffering in the downturn as demand for its products has collapsed. |
| Surplus | |
| Exports in January declined 45.7% year-on-year. | Exports in January declined 45.7% year-on-year. |
| Japan, which is especially reliant on exports, has been hit as consumers worldwide tighten their belts in a move to cut costs. | Japan, which is especially reliant on exports, has been hit as consumers worldwide tighten their belts in a move to cut costs. |
| "Japanese growth was exclusively dependent on exports," said Professor Noriko Hama at Doshisha Business School in Kyoto. | "Japanese growth was exclusively dependent on exports," said Professor Noriko Hama at Doshisha Business School in Kyoto. |
| "It was natural that Japan would be hit a lot more severely than other countries." | "It was natural that Japan would be hit a lot more severely than other countries." |
| Car exports dropped more than 70% for February. Car firms are cutting jobs and reducing shifts in response to slowing demand. | Car exports dropped more than 70% for February. Car firms are cutting jobs and reducing shifts in response to slowing demand. |
| But on the upside, Japan's trade balance was in surplus in February after a record deficit in January, because the decline in exports was offset by a sharp fall in imports, which were 43% lower for the month. | But on the upside, Japan's trade balance was in surplus in February after a record deficit in January, because the decline in exports was offset by a sharp fall in imports, which were 43% lower for the month. |
| This surplus last month, which reached 82.4bn yen ($841m), was the first in five months. | This surplus last month, which reached 82.4bn yen ($841m), was the first in five months. |
| Japan, which is officially in recession, saw its economy contract by an annualised 12.1% in the last three months of 2008, the biggest contraction among developed countries. | Japan, which is officially in recession, saw its economy contract by an annualised 12.1% in the last three months of 2008, the biggest contraction among developed countries. |
| The government is working on a third stimulus package, which local media reports have estimated will be worth 20 trillion yen. | The government is working on a third stimulus package, which local media reports have estimated will be worth 20 trillion yen. |
| Do you live in Japan? Have these economic changes affected you? What do you make of the changes to the Japanese economy? Can a stimulus plan work? Tell us your thoughts on the story by filling in the form below. | Do you live in Japan? Have these economic changes affected you? What do you make of the changes to the Japanese economy? Can a stimulus plan work? Tell us your thoughts on the story by filling in the form below. |
| The BBC may edit your comments and not all emails will be published. Your comments may be published on any BBC media worldwide. Terms & Conditions | The BBC may edit your comments and not all emails will be published. Your comments may be published on any BBC media worldwide. Terms & Conditions |