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Politics : Formerly About Applied Materials

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To: StanX Long who wrote (56494)	11/28/2001 11:09:36 PM
From: StanX Long	Read Replies (1) of 70976

11/28 21:52 Japan October Production Falls 0.3% to 13-Year Low (Update5) By Ann Saphir quote.bloomberg.com Tokyo, Nov. 29 (Bloomberg) -- Japanese industrial production fell to its lowest in more than 13 years in October as waning demand prompted companies such as Matsushita Communication Industrial Co. and Daihatsu Motor Corp. to slow assembly lines. Production fell 0.3 percent last month to the lowest since March 1988, the Ministry of Economy, Trade and Industry said. The slump in manufacturing, which started in January, may throw tens of thousands more people out of work in a country already suffering from record unemployment. The slump may last another year as the U.S. economy shrinks and Japan is caught in its worst recession in 20 years. Matsushita Communication, the nation's biggest maker of cell phones, last month lowered its sales forecast for the year to March by 23 percent and doesn't expect a recovery in demand until late next year. ``Consumer sentiment has deteriorated and a lot now depends on the Christmas season,'' said Matsushita Communication spokesman Shigeo Kusakabe. Industry-wide, sales this fiscal year are likely to be down 12 percent from last year, he said, and may not pick up again until late next year.

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