Japanese economy hit by "perfect storm"

The outlook for the Japanese economy is bleaker than ever after employment, production and retail figures, all posted severe falls.

 By Julian Ryall in Tokyo
Last Updated: 12:19PM GMT 30 Jan 2009

The indicators were so bad that analysts have described it as the day the "perfect storm" came ashore.

Japan's unemployment soared at the fastest rate in 44 years to 4.4 per cent in December, while industrial output fell a record 9.6 per cent in the same month and retail sales shrank 2.7 per cent, the fourth straight month of decline.

All the bad news undermined Prime Minister Taro Aso's confident declaration to Parliament on Wednesday that, "By taking bold countermeasures, Japan will aim to be the first to emerge from this recession."

 Continues http://www.telegraph.co.uk/news/worldnews/asia/japan/4394451/Japanese-economy-hit-by-perfect-storm.html

 

Japan heads for worst recession since second world war

Justin McCurry in Tokyo

guardian.co.uk, Friday 30 January 2009 09.13 GMT

Japan could be heading for its worst recession since the second world war after figures released today showed industrial output fell almost 10% last month and unemployment rose at its fastest pace for more than 40 years.

Production fell 9.6% in December, the trade ministry said, surpassing November's huge drop by more than one percentage point.

The global recession has sent shock waves through Japan's economy, forcing once-powerful exporters to rein in production, slash jobs and close factories in response to plummeting demand for cars and consumer electronics.

NEC, the computer chip maker, announced it would make 20,000 workers redundant worldwide as it struggles to cope with falling demand, while carmakers Toyota and Honda said their losses would worsen this year.

Continues http://www.guardian.co.uk/business/2009/jan/30/japan-recession

 

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