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Unemployment Craze Reshapes Economy in Japan

April 8, 2009

The news stories this morning told of a drastic restructuring of the Japanese economy. All eyes are on the electronics and auto industries, and the effects they have on the job market.

NHK (Frustrated Voices of the Unemployed) NHK News stated that because of the massive layoffs in the auto and electronics industries, recruitment agencies are getting too many applicants to handle. Hello Work, the recruitment agency created by the Federal Government, had about 20,000 applicants in one day in Fukushima. “I waited 3-4 hours in line to see someone” stated a job-seeker. NHK asked “Did you find any jobs?” “There are no jobs anywhere.”

Asahi (Companies Lose Applicants, Move to Safer Jobs) One of the most shocking headlines of the day ran by the Asahi was the details of how many auto and electronics industries were losing job applicants. The paradigm was Toyota, which last year was 6th amongst job applicants, and this year dropped to 96th The Asahi claimed the main reason for the switch was applicants wanted to work for industries that had more secure jobs. Guess which industry job applicants preferred? Financial

NHK (Political Stimulus to Help the Industry) Politicians responded to the turmoil the auto and electronics industries are having with jobs by adding a part in the stimulus package for them. So is the government’s solution to buy up bad debt or mortgage securities? Nope, instead they’ve agreed to give tax incentives for consumers to buy…TV’s. All schools who do not have T.V.’s will get a special tax provision to encourage consumer electronics spending. Regular consumers get a “green credit” for buying flat screen televisions that are “eco friendly”.

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