More layoffs and wage cuts for Japan

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  • Fri, Jan 16, 2009 - 01:16am



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    More layoffs and wage cuts for Japan

Snapshot Japanese economic news -Friday, January 16, 2009

Japan’s machinery orders plunged 16.2% in November

Toyota to start buying steel from South Korea to cut costs.

Toyota to shut its domestic plants for 11 days in February, cut pay of factory workers by 20% for two days.

Nissan to cut wages by 15%, cuts 500 temporary jobs

Sanyo to layoff 1200 workers in its semiconductor business – 10% of of that division’s workforce.

Beer sales off 2.7% in 2008  – largest drop since the 1991 recession.

Mitsubishi UFJ Financial Group Inc., the
nation’s largest megabank, said Thursday it expects to book ¥288
billion (about US$3.2 billion) in appraisal losses on marketable securities for the
October-December quarter as domestic share prices plunged.


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