Sales growth probably was driven in part by price cuts, which will squeeze profits, said Zhang Xin, an industry analyst at Guotai Jun'an Securities in Beijing.
"I think it's hard to say that the economy is turning around as export growth completely halted, " said Jun Min-Kyoo, an economist at Korea Investment and Securities.
Japanese Finance Minister Jun Azumi hinted to reporters that the government might intervene in the currency markets in an attempt to halt the yen's rise.