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Prospects for Japan firms clouded by quake focus 05/19/2011

Thursday, May 19, 2011

Prospects for Japan firms clouded by quake

focus

05/19/2011
TOKYO — Some of Japan’s biggest firms remain unable to forecast their prospects for the coming months due to the impact of March’s massive earthquake, which is expected to plunge the economy into recession.

Automakers such as Toyota, electronics giants such as Sharp and airline All Nippon Airways skipped annual forecasts citing uncertainty over the scale of disruption that will also be seen in Japan’s first quarter GDP data Thursday.

“While the earthquake occurred late in the quarter, the contraction in activity after the earthquake will likely be enough to bring down the growth rate in Q1 deep into negative territory,” noted BNP Paribas’ chief Japan economist Ryutaro Kono.

The economy shrank an annualized 2.0 percent in the first three months of this year, economists polled by Dow Jones Newswires said, marking the second-straight quarterly contraction as production, exports and consumption tumble..... MORE

SourceThe Daily Tribune

URL: http://www.tribuneonline.org/commentary/20110519com3.html

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