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Gold/Mining/Energy : Gold Price Monitor
GDXJ 101.44+3.5%4:00 PM EST
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To: ahhaha who wrote (43684)10/23/1999 11:37:00 PM
From: Hawkmoon  Read Replies (1) of 116756
 
Don't believe the stories of high unemployment and hard times in Japan. I admit their high is high but how high is that? Almost as high as our low is low (4%).

Ahh... but the numbers lie, Ahhaha... Considering that many Japanese employers had developed a system that practically guaranteed lifetime employment for workers, this number will have to rise to reflect those who are non-productively employed, yet still drawing checks.

I read an article somewhere this year where they were discussing how many Japanese companies were "renting" out their employees to other companies in order to avoid having to fire them. These individuals were engaged in relatively low-skill labor, yet still their higher wages. In essence, a form of corporate welfare or unemployment system.

So given that Nissan's FRENCH CEO has just announced MASSIVE layoffs aimed at restructuring Nissan and returning it to profitability, the question is how many other companies have yet to do the same.

And if the companies no longer opt to provide the social safety net, then where will the Japanese govt come up with the financial resources to sustain these people?

So I guess I have to disagree that Japan has no current pressing problems. It is quite possible that they may go negative on the GDP once again should the Yen continue to strengthen, reducing their export revenues.

That sounds like a current problem to me. And given that other CBs were HEAVILY JAWBONING the BOJ to take more stimulative actions in September, apparently they are worried as well.

Regards,

Ron
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