…And this is how global trade withers. Sales of Toyotas in China plunged 15.9 per cent in the year to December 2011, according to Reuters, “still dogged by a sales crisis Japanese carmakers are suffering following a territorial row between the two countries.”

This shows there are forces out there that make globalization’s foundations look a lot less sure. 

Of course December is an improvement.

Toyota’s December sales fall followed declines of 22 percent in November, 44 percent in October and almost 50 percent in September.

And what has driven the recovery?

The executive attributed the recovery in part to discounts and other sales incentives the company offered during the month, as well as what he said was receding fear among Chinese consumers over owning Japanese cars.