BBC NEWS Americas Africa Europe Middle East South Asia Asia Pacific Arabic Spanish Russian Chinese Welsh
BBCi CATEGORIES   TV   RADIO   COMMUNICATE   WHERE I LIVE   INDEX    SEARCH 

BBC NEWS
 You are in: Business
Front Page 
World 
UK 
UK Politics 
Business 
Market Data 
Economy 
Companies 
E-Commerce 
Your Money 
Business Basics 
Sci/Tech 
Health 
Education 
Entertainment 
Talking Point 
In Depth 
AudioVideo 


Commonwealth Games 2002

BBC Sport

BBC Weather

SERVICES 
Tuesday, 31 July, 2001, 06:53 GMT 07:53 UK
Japan's jobless at record high
Japanese workers take a break
Japanese unemployment is expected to rise further
Japan's unemployment rate stayed at a record high of 4.9% in June, unchanged from May, and is expected by the government to move even higher.

The number of unemployed rose for the third straight month, reaching 3.38 million, up 170,000 from the previous month, according to data published by the Ministry of Public Management.

"There are concerns that economic and employment conditions such as bankruptcies and joblessness will worsen further," Trade & Industry Minister Takeo Hiranuma said on Tuesday.

"It's possible the overall jobless rate could exceed 5%," he added.

The global economic slowdown has weakened demand for Japan's high technology exports, causing manufacturers to slash production and workers.

Japanese restructuring

Economic restructuring proposed by Japan's prime minister Junichiro Koizumi for the banking sector and through privatisations is also expected to add significantly to unemployment.

The Tokyo stock market's Nikkei index closed higher on Tuesday after dropping to a 16-year low on Monday following the victory of Mr Koizumi's party in elections to the upper house of parliament.

The Nikkei ended the day 281.5 points or 2.4% higher at 1,860.7, recovering from a near 2% fall the previous day.

"Monday's losses looked like a message from the market to Koizumi demanding more details on reform, and worries over whether he can really deliver," said Haruki Takahashi, head of equities dealing at Tsubasa Securities.

"But investors may have taken a second look and said there's no reason to be so concerned, there were few expectations for policymakers to boost the market in the first place," he added.

See also:

30 Jul 01 | Business
Markets fall after Koizumi's victory
29 Jul 01 | Asia-Pacific
Japan's Koizumi secures victory
29 Jul 01 | Business
Can Koizumi save Japan?
16 Jul 01 | Business
Gloomy outlook for Japan
Internet links:


The BBC is not responsible for the content of external internet sites

Links to more Business stories are at the foot of the page.


E-mail this story to a friend

Links to more Business stories