Image of the week: Parking only
Japanese exports have tumbled by almost a fifth and this is the picture that seems to sum it up: vehicles at a logistics centre in Kawasaki, near Tokyo, tightly parked together as they wait to be exported. The pandemic has sapped global demand for goods from the third-largest economy, leaving the year-on-year rate of decline in Japanese exports languishing at 19.2 per cent in July. While this wasn’t as deep a plunge as the one Tokyo saw in June, ongoing Covid-19 struggles in the US and other key markets have given little hope for a quick recovery in shipments. In a torrid year for the auto industry worldwide, production has slumped and consumers have been kept away from those forecourts that are open.
In numbers: Wall Street madness
Closing level of the S&P 500 on Tuesday, with the blue-chip US index hitting a
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