The International Monetary Fund (IMF) has downgraded its growth prospects for the world’s third largest economy. The Fund expects the Japanese economy to contract by 0.7% in 2011, much lower than its previous estimate of 1.4%. The IMF said it lowered its growth forecasts because of March’s earthquake and tsunami. The twin disasters caused billions [...]
Japan’s industrial output recovered slightly last month after a record drop in March due to the earthquake and tsunami. Government figures show factory output rose by 1% in April, however, this was lower than the 2% expected by analysts. Furthermore, it was 14% lower compared with April last year. However, according to analysts, today’s figures [...]
Japanese carmakers have been hit as a result of the earthquake and tsunami in March. Figures today revealed Toyota, the world’s largest carmaker, said production plunged 74.5% in April on an annual basis. Meanwhile Honda’s output fell 81% on an annual basis, while Nissan suffered a 48.7% fall as they were forced halt production as [...]
The Statistics Bureau has today revealed Japan has overcome deflation for the first time in 25 months after consumer prices rose by 0.6% last month – in line with forecasts. A short period of deflation (where prices fall rather than increase) is a serious threat to an economy because it deters consumers and businesses from [...]
The Paris-based Organisation for Economic Cooperation and Development (OECD) has revised its growth forecasts for the global economy. The US, which is the world’s largest economy, is expected to see growth this year of 2.6% – revised upwards from a previous estimate of 2.2%. It maintained its 2012 growth forecast at 3.1%. “Growth in the [...]
The Ministry of Finance has today revealed Japan’s exports plunged by in April – hit by the 11 March earthquake and tsunami. Official figures revealed exports fell by 12.5% in April on an annual basis as the twin disasters forced some of Japan’s largest exporters to halt production. Meanwhile, imports surged by 8.9% in April [...]
Figures published today by the Society of Motor Manufacturers and Traders (SMMT) revealed a sharp fall in UK car production for the month of April, disrupted by supply shortages, resulting from the Japanese earthquake and tsunami. Japan’s three major carmakers (Toyota, Nissan and Honda) all have operations in the UK, with the latter halving its [...]
The Japanese economy, which is the world’s third largest, has slipped back into recession following the devastating earthquake and tsunami which happened on 11 March. The Cabinet Office has today revealed the economy contracted by 0.9% in the January to March period. The economy has now contracted for two consecutive quarters – meaning it has [...]
The Ministry of Economy, Trade and Industry today revealed Japanese service sector activity slumped in March due to the earthquake and tsunami. The twin disasters, which occurred on 11 March, led to a fall in activity with the tertiary industry index, falling 6% to 93.5 from February’s 99.5. The decline is the steepest since April [...]
Japanese industrial output fell by 15.3% last month – the largest ever fall as disruptions in the supply chain brought the country’s car industry to a halt. The previous record was an 8.6% fall in February 2009 – at the time of the global financial crisis – and was far worse than forecasts of an [...]
Last month’s earthquake and tsunami has resulted in a fall in Japan’s trade surplus after exports declined. However, a fall in exports was expected after the twin disasters forced some of Japan’s largest exporters to halt production. According to the Ministry of Finance, exports were 2.2% lower at 5.87 trillion yen on an annual basis [...]
Following the 8.9 magnitude earthquake and tsunami on 11 March, the Japanese Government has today downgraded its growth forecast for the economy. The twin disasters have caused billions of pounds worth of damage and is set to impact on the country’s economic growth. As a result, the Japanese Government has downgraded its assessment of the [...]
Figures today revealed an unexpected fall in Japan’s unemployment rate. The Ministry of Internal Affairs and Communications said the unemployment rate fell to 4.6% in February – a two-year low and down from January’s rate of 4.9%. Analysts had expected the rate to remain unchanged. The number of jobless people currently stands at 3 million [...]
The Ministry of Finance has today revealed Japan swung back to a surplus in February. The trade balance came to a surplus of 654.1 billion yen – after having posted the first deficit for 22 months in January. Exports rose 9% in February on an annual basis – beating expectations of a 8.6% rise. The [...]
Japanese shares rose more than 3% earlier today following some much needed good news. Stock markets were boosted by the news that Japanese carmakers, Toyota and Honda, may restart production this week, while it was revealed that progress is being made in containing radiation leaks. In the aftermath of the earthquake and tsunami on 11 [...]
According to the World Bank, Japan’s 8.9 magnitude earthquake and tsunami has caused up to £145 billion ($235 billion) of damage and will impact on the country’s economic growth. The World Bank estimates approximately 0.5% will be reduced from growth this year, as a result, and reconstruction could take five years. The Japanese economy grew [...]
Finance ministers of the group of seven nations have agreed to intervene to stabilise the Japanese yen – which has reached record highs this week. Earlier this week, the yen reached a post-war record high against the US dollar following last Friday’s earthquake and tsunami. The disasters also sent global shares into freefall earlier this [...]
The Japanese yen reached a post-war record high against the US dollar following last Friday’s earthquake and tsunami. The disasters have sent global shares into freefall but the worry for the world’s third largest economy is a strong yen, which continues to weaken demand for exports. Today, Japan’s Nikkei 225 index fell a further 1.4% [...]
Japan’s Nikkei 225 index fell further today, losing 10.6% to 8,605 – diving even further below the crucially important 10,000 mark. Toyota and Sony were yet again hit by heavy selling after being forced to cease production throughout Japan. The country’s Prime Minister, Naoto Kan, said radiation levels at a nuclear plant on the northeast [...]
Last week’s earthquake and tsunami which hit Japan are set to cause “considerable” economic impact as the country faces a massive clean-up operation, a potential nuclear meltdown and power shortages. However, analysts have today said the world’s third largest economy will recover later this year. Over the weekend, the Japanese Government spoke of the 8.9 [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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