japan manufacturing jobs hit 50 year low
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Japan manufacturing jobs hit 50 year low

Arab Today, arab today

Arab Today, arab today Japan manufacturing jobs hit 50 year low

Tokyo - AFP

Employment in Japan's once-mighty manufacturing sector has fallen below 10 million for the first time in five decades, as a new government vows to stoke the struggling economy. Official employment data released Friday showed the number of workers in Japanese industry, which fuelled the country's stratospheric rise from the ashes of World War II, slipped to 9.98 million in December. That is the lowest level since 1961 as firms slash costs and ship manufacturing jobs to lower-cost nations overseas. Like many developed economies, the manufacturing sector has been hollowed out in high-cost Japan as it struggles to compete with manufacturing powerhouse China and rivals in South Korea and Taiwan. "During the post-war era, Japan enjoyed significant standing in manufacturing. Gradually it has been reduced as relocation of factories overseas continues," said labour minister Norihisa Tamura. "We must think about ways to keep manufacturing in Japan," he added. The decline of manufacturing and that of world-beating giants such as Sony and Panasonic has sparked plenty of hand wringing in Japan. The deflation-plagued economy remains stagnant, a far cry from the soaring growth that turned it into a world beater in the closing decades of the last century. Japan lost the title of world's second-biggest economy behind the United States to a rising China in 2010. The new employment data shows the manufacturing sector has shrunk by about 40 percent from a peak of 16 million workers in 1992, as an asset and stocks bubble burst ushering in twenty years of anaemic growth. Manufacturing has fallen from about 27 percent of Japan's overall labour force in the 1970s to 16 percent today. Japan's hard-hit electronics giants, among others, have slashed jobs and downsized domestic factories while expanding overseas, as a persistently high yen and high wages encouraged manufacturers to ship jobs abroad. However, a new conservative government under Prime Minister Shinzo Abe has pledged to revive Japan's economy with big spending and aggressive monetary easing. Tokyo has pressured the Bank of Japan for rocket-fuelled policy to stoke the economy, eventually bending the central bank to its will as it grudgingly set a two percent inflation target. The yen has tumbled over recent weeks and the benchmark Nikkei 225 index has shot skywards. The manufacturing jobs data was released with regular monthly employment figures, which showed Japan's jobless rate stood at 4.2 percent in December, edging up from 4.1 percent in the previous month. In 2012 the unemployment rate fell 0.3 percent, marking two straight years of improvement, according to the internal affairs ministry.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

japan manufacturing jobs hit 50 year low japan manufacturing jobs hit 50 year low

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

japan manufacturing jobs hit 50 year low japan manufacturing jobs hit 50 year low

 



GMT 10:06 2012 Saturday ,28 July

Querrey advances at ATP LA Open

GMT 21:15 2017 Thursday ,01 June

Trump condemns deadly Kabul explosion

GMT 02:15 2017 Thursday ,24 August

Is your country on the Qatar free entry list of 80?

GMT 19:48 2016 Monday ,03 October

Controversial boxing champ Tyson Fury retires

GMT 08:20 2015 Tuesday ,08 December

PC market woes show no sign of easing

GMT 17:27 2017 Tuesday ,25 April

20 Yemeni soldiers killed, injured in explosion

GMT 11:52 2017 Saturday ,30 December

OIC condemns Mar Mina Church attack

GMT 00:03 2017 Saturday ,25 March

Arab Meeting to Examine Anti-Corruption Methods

GMT 13:12 2017 Thursday ,20 April

Deputy premier meets Arab League chief

GMT 14:13 2014 Friday ,10 January

Opel Astra GTC

GMT 18:27 2016 Tuesday ,02 August

Turkish Foreign Minister arrives in Islamabad

GMT 11:27 2016 Tuesday ,13 December

Saudi woman arrested for challenging social norms
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday