The impact was particularly large in the automobile sector, which is linked to a wide range of related industries. Although the Japanese economy deteriorated significantly, exports and production have started to pick up since hitting bottom in February 2009, due to recovery in overseas economic conditions, mainly in emerging economies such as China, and progress in inventory adjustments at home and abroad.
However, it is important to add that December 2009 levels of exports and production were 78 percent and 87 percent, respectively, of those in September 2008, just before the Lehman shock. In the area of domestic demand, private consumption is picking up as a whole, with increased sales of cars and household electrical appliances resulting from economic stimulus measures.