Passenger car production in Japan in June was 1.1% down on last year at 696,503 from 703,978. That took the sector to 0.2% down YTD at 4,032,551 from 4,041,028. Such a decline is modest enough, but it signals the end of the impact that the new mini vehicles have had on the production lines. There is still some growth to come from that sector, but the main surge is over and the temporary relief that the period of March to May had suggested has now been and gone. The annualised build rate has settled at 8.05 million and will probably sink to 8.0 million by year end. With the need to spread risks by building more cars in export markets, it seems clear that the heady days of the early 1990s, when 10 million cars in a year was a real possibility (the record is 9,947,972 in 1990) have now gone forever.