The expected contraction in Japanese auto sales has continued into March, as sales for the month fell 11.3% year-on-year (y-o-y), taking the total for the first three months of the year, to 1,528,009 units, down 9.4% yo- y. We forecast an 11% decline for 2013, to 4.8mn units, based on the incentivised growth of 2012, which we believe will be difficult to repeat. For 2013, we expect this trend of weak sales to continue as we do not expect the government to reinstate any subsidies for consumers. With the subsidies bolstering sales for much of 2012, it is reasonable to …
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