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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (56626)	11/30/2001 2:08:03 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

11/30 01:18 Yen Seen Finishing Third Losing Month on Record Jobless Rate By Mari Murayama and Kanako Chiba quote.bloomberg.com Tokyo, Nov. 30 (Bloomberg) -- The yen, little changed, is poised to finish its third losing month after a report said Japan's unemployment rate rose to a record 5.4 percent in October, adding to evidence a recession is deepening. ``We have not seen the worst for the yen, as the jobless rate is expected to rise to more than 6 percent,'' said Yoshihiko Kobayashi, principal of foreign exchange sales at Bank of America, N.A. ``The yen is not a currency to buy.'' The yen traded at 123.96 against the dollar from 123.86 in New York yesterday. It has dropped 1.2 percent this month. Against the euro, it was unchanged at 109.93. Unemployment may climb as automakers such as Isuzu Motors Ltd. follow NEC Corp., Hitachi Ltd. and other electronics makers, which cut thousands of jobs this year. The firings may damp consumer confidence, making it tougher for Japan to bring its shrinking economy back to growth. A separate report said consumer prices in Tokyo dropped in November for a 27th month. The need to cut prices to stay competitive is eating into earnings, forcing companies to cut costs by lowering wages or eliminating jobs. A report next week is likely to show the economy contracted for a second quarter. Stock Shifts