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Strategies & Market Trends : Guidance and Visibility

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To: 2MAR$ who started this subject	8/29/2001 11:45:08 PM
From: Teri Garner	Read Replies (1) of 208838

Japan Nearer Recession as Production Falls, Jobs Cut (Update1) By Yoshiko Matsushita, with reporting by Ann Saphir, Daiuske Takato, Taizo Hirose and Miki Anzai Tokyo, Aug. 30 (Bloomberg) -- Japan lurched closer to recession as industrial production fell more than expected, retail sales fell and two electronics companies slashed 12,000 jobs. The main 225 Nikkei stock average tumbled to a 17-year low and shares of Japan's biggest bank Mizuho Holdings Inc. fell 8 percent on concern Prime Minister Junichiro Koizumi's pledge to clean up bad loans within three years won't be achieved. Falling orders in Japan, the U.S. and Asia forced electronics maker Oki Electric Industry Co. to eliminate 2,200 jobs, 10 percent of its Japanese workforce, and Kyocera Corp. to slash 10,000 workers globally. The cuts may increase pressure on the government to help the unemployed by increasing welfare benefits and boosting growth. quote.bloomberg.com

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