Japanese auto sales hit record low

Japan’s domestic auto sales fell in 2008 to their lowest level since the mid-1970s as the recession squashed already-weak consumer demand during the last few months of 2008. Sales of new cars, trucks and buses slid to 3.212 million vehicles, down 6.5% from 2007, according to the Japan Automobile Dealers’ Association. That marked the fifth straight year of decline, taking sales to their lowest level since 3.133 million vehicles were recorded in 1974. High gasoline prices and a declining population in the world’s second-biggest economy were given as reasons for the decline. (January 6, 2009)