Home > business, economy, japan, manufacturing > Japan Recession Deepens as Factory Output Plunges

Japan Recession Deepens as Factory Output Plunges

Japan’s manufacturers cut production by a record 10 percent in January and household spending plunged, adding to evidence the economy is in its worst recession in 60 years.

The month-on-month decline in factory output exceeded December’s record decline of 9.8 percent, the Trade Ministry said today in Tokyo. Household spending fell 5.9 percent from a year earlier, the biggest drop in more than two years.

Competition for jobs intensified as the number of positions on offer slid the most in more than 16 years. A collapse in exports is forcing companies to retrench: Toyota Motor Corp. cut output last month at the fastest pace in two decades and Advantest Corp., Japan’s biggest maker of memory- chip testers, said this week it will fire 1,200 workers.

[ Continue reading original article on Bloomberg ]

Advertisements
  1. No comments yet.
  1. No trackbacks yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: