Japan’s unemployment rate higher

Workers are protesting against layoffs and fear more to come Japan’s unemployment rate has risen to a three-year high as companies continue to slash jobs. The jobless rate rose to 4.4% in February, from 4.1% in the previous month, the government said. Separate data showed that consumer spending last month fell by 3.5% from a year earlier. Prime Minister Taro Aso is planning to announce a new package of stimulus spending to try to revive the world’s second-biggest economy. Jobs aim The package, the fourth since last year, may be worth up to 20tn yen ($200bn, £140bn) and include temporarily lowering or scrapping inheritance tax to encourage elderly people to pass on their savings to the young. The government hopes to spur the creation of two million jobs. The number of unemployed people in Japan in February stood at 2.99 million, up by 330,000 from a year ago, the government said. Japan’s Finance Minister Kaoru Yosano said on Tuesday that he supported a proposal, put forward by a task force set up by Mr Aso’s ruling Liberal Democratic Party, to set up a public entity to buy stocks with public funds directly from the market. The fund would buy exchange-traded funds, which track the gains and declines in stock indexes. The benchmark Nikkei 225 shares index in Tokyo has dropped 8.5% this year, adding to last year’s 42% drop.

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Japan Hot Stocks-Hit By World Economy

TOKYO, Nov 19 (Reuters) – The benchmark Nikkei average fell 1.4 percent, while the broader TOPIX lost 1.6 percent as of 0535 GMT on Wednesday.

The following stocks were on the move:

TOKIO MARINE TUMBLES AFTER SLASHING FORECAST**

Shares of Tokio Marine Holdings fell 7.9 percent to 2,620 yen after Japan’s largest property and casualty insurer cut its annual net profit forecast by 72 percent, hit by losses on stocks and other securities holdings.

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The insurer said it now expects to post a net profit of 42 billion yen ($432.9 million) for the year to March 2009, down from its previous forecast for a profit of 150 billion yen.

0535 GMT

Filed under: Japan , Japan, World Economy