[Fri. 15th August, 2008]
Japan passenger car ownership rate declined for a second straight year as record fuel costs kept Japanese out of auto showrooms.
Ownership fell to an average of 1.095 cars per household as of March 31, from 1.107 a year earlier, the Automobile Inspection & Registration Information Association said in a recent release in Tokyo.
The ratio, which includes mini cars, dropped last year for the first time since the group began publishing data in 1975.
Sales in Japan slid 5.3 percent last fiscal year, contributing to the decline in ownership, the association said in the statement.
Toyota and other Japanese automakers are struggling to attract consumers beset by stagnant wage growth and higher gasoline prices.
Industry wide sales of mini cars, cars, trucks and buses fell to 5.32 million vehicles last fiscal year from 5.62 million, according to the Japan Car demand may further decline as Japan population dwindles, the dealers group said.