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Economy

Trade war squeezes corporate earnings in Japan and China

Double-digit growth has been wiped out as orders shrink

Japanese machine tool builder Okuma's main plant in Aichi Prefecture. The company has suffered a 30% drop in orders due to weak demand in China. (Photo by Yohei Hirose)

TOKYO -- Half of major Japanese companies fell short of the market's profit forecasts for the April-September period as the U.S.-China trade war took its toll, with Chinese businesses also feeling the impact.

"Shipment to China has slowed. Recent orders are down about 30% from a year earlier" Yoshimaro Hanaki, president of Japanese machine tool builder Okuma has said. 

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