Nissan Sales Drop on Higher Gasoline Prices

From Bloomberg

"Nissan Motor Co., Japan's third- largest carmaker, led a drop in domestic auto sales in May, as higher taxes and fuel costs cut demand for new vehicles."

"Sales of cars, trucks and buses fell 6.1 percent to 221,377 from a year earlier, the Japan Automobile Dealers Association said in a statement today. The total excludes minicars."

"Japan's consumer spending has slumped because of inflation driven by higher food costs and a record price for gasoline. Car sales also dropped on one less selling day and after the tax rate on automobiles rose to 5 percent in May from 3 percent in April."

"Gasoline in Japan surged to a record 160.3 yen a liter ($5.76 a gallon) last week. The tax rate fell for one month in April after the government failed to agree on a revenue bill."

Gas prices, gas prices, gas prices. Effecting the world.