Japan’s unemployment rate jumps

Japan’s jobless rate rose more than expected in October, says Bloomberg, reaching 4.5 per cent in October compared to 4.1 per cent in September. Bloomberg’s survey of 29 economists’ came up with a median estimate of 4.2 per cent. Panasonic and TDK are cutting jobs as the yen’s continuing strength threatens erodes export profits, while the country continues to recover from the March earthquake and tsunami disasters. Bank of Japan Governor Masaaki Shirakawa on Monday indicated that 55,000bn yen of credit and asset-buying programmes will be expanded if necessary.