April Auto Sales Slip 5.5% in Japan

Newswire

TOKYO, May 1 (Reuters) - Japanese auto sales in April dropped 5.5 percent year-on-year after a sales tax hike that took place last month sapped demand, industry data showed on Thursday. A swift recovery in demand is unlikely because in April carmakers still had orders they had to meet from previous months, but the effects of such backorders are likely to wane, said Yoshitaka Hayashi, a director of the Japan Automobile Dealers Association. "We are likely to face a very tough situation in ...

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