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.