Bloomberg – Toyota, Japan’s largest automaker, forecast its first operating loss in 71 years as sales crater in the U.S., Japan and Europe. Spending on new cars in Japan has dropped as the country’s jobless rate climbed to 3.9 percent from 3.7 percent in November.

“The industry is going through a blizzard,” said Ichiro Takamatsu, chief investment officer at Alphex Investments Co., a Tokyo-based hedge fund. “In Japan, people don’t see cars as their status symbol anymore with this economic slowdown.”

Toyota sold 1.47 million vehicles including its Lexus luxury brand last year, down 7.4 percent. Nissan, the country’s third-biggest carmaker, sold 678,160 units, down 5.9 percent. Honda Motor Co., Japan’s second-largest automaker, boosted sales 0.4 percent to 624,547 vehicles, helped by higher demand for the Fit compact car and Freed minivan.

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