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No end to Japan's industry woes No end to Japan's industry woes
(about 4 hours later)
Japan's manufacturing output has fallen for the fifth straight month, official figures show. Japan's manufacturing output has fallen for the fifth straight month in February, official figures show.
Industrial production dropped 9.4% in February, but rebounded from January's record 10.2% plunge, the Ministry of Economy, Trade and Industry said. Industrial production fell 9.4% annually, but rebounded from January's record 10.2% plunge, the Ministry of Economy, Trade and Industry said.
Separate industry data showed that car production in Japan dropped 56.2% last month in Japan. Separate industry data showed that car production in Japan dropped 56.2% last month from a year ago.
Japan, which relies heavily on exports, has been hit as the global downturn has sapped demand for its goods.Japan, which relies heavily on exports, has been hit as the global downturn has sapped demand for its goods.
Stimulus spendingStimulus spending
The Japan Automobile Manufacturers Association said that automobile production dropped to 481,396 vehicles, also down for the fifth month. Output fell in all areas, including passenger cars, trucks and buses. The Japan Automobile Manufacturers Association said that automobile production in February dropped to 481,396 vehicles, also down for the fifth month. Output fell in all areas, including passenger cars, trucks and buses.
Separately, Japan's Finance Minister Kaoru Yosano said that Japan was prepared to implement an economic stimulus package that would "far exceed" 2% of its gross domestic product.Separately, Japan's Finance Minister Kaoru Yosano said that Japan was prepared to implement an economic stimulus package that would "far exceed" 2% of its gross domestic product.
The 2% target was set out by the International Monetary Fund (IMF) as a guide for the minimum that nations should inject into their economies to revive economic growth.The 2% target was set out by the International Monetary Fund (IMF) as a guide for the minimum that nations should inject into their economies to revive economic growth.
The IMF has predicted Japan's economy will contract by 5.8% during 2009.The IMF has predicted Japan's economy will contract by 5.8% during 2009.
Mr Yosano said in an interview in the Wall Street Journal the government would aim to inject more than 2% to avoid that outcome.Mr Yosano said in an interview in the Wall Street Journal the government would aim to inject more than 2% to avoid that outcome.