Japan’s exports were cut nearly in half last month as the global downturn crushed demand for the country’s electronics and automobiles, a development that increases the odds that the Japanese yen could be poised for a tumble.

Joining a chorus of ailing U.S. automakers, Toyota Motor Co. (TM) yesterday (Monday) forecast its first operating loss in 71 years on plummeting demand and sharp appreciation of the Japanese yen. The announcement prompted Moody’s Investors Service to consider downgrading the company’s top-rated credit.

Dollar up vs yen as BOJ warns of further export woes…  Euro gains broadly; doubts about U.S. auto bailout loom… Market expects ECB rate cut; policy-makers seem divided

MSCI world equity index down 0.2 percent at 224.77…  China cuts rates but gloomy Japan, euro zone data weighs… Dollar weakens; bonds rise

At the launch party for the Spectator’s business magazine, a banker introduced himself to me. He’d been wanting to meet me for ages, he said.