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Kyodo economic news summary -2-+(Japan Economic Newswire Via Acquire Media NewsEdge) TOKYO, Nov. 28_(Kyodo) _ ---------- Nakagawa prods BOJ to take additional steps to help secure jobs TOKYO - Finance Minister Shoichi Nakagawa on Friday prodded the Bank of Japan to take additional measures to help improve Japanese employment conditions, a day after Prime Minister Taro Aso called for the swift compilation of a policy package to ensure job security. "Looking ahead, Japan's economy is expected to face further deterioration, especially in income and employment," the minister told a press conference. "If the BOJ shares such a recognition, I would like the bank to carry out necessary steps." ---------- Oct. jobless rate dips to 3.7% as more people exit labor market TOKYO - Japan's seasonally adjusted unemployment rate fell 0.3 percentage point from September to 3.7 percent in October, down for the second straight month, as a result of more people exiting the labor market when Japan's economy was entering into a recessionary phase, the government said Friday. A separate government report released the same day showed the ratio of job offers to job seekers dropped for the ninth straight month to a seasonally adjusted 0.80 in October, the lowest level in four and a half years, reflecting severer employment conditions. ---------- Japan's industrial output falls 3.1% in Oct., outlook dismal TOKYO - Japanese industrial production in October fell a seasonally adjusted 3.1 percent from the previous month, weighed down by export-oriented industries such as transport equipment, electronic parts and devices, and general machinery, the government said Friday. Looking ahead, the Ministry of Economy, Trade and Industry said output from manufacturers, the key component in the figures, is expected to tumble 6.4 percent -- the worst forecast ever made since it started the statistics in May 1973 -- and further decline 2.9 percent in December. ---------- Japan's October core CPI up 1.9% on year as inflation slows pace TOKYO - Japan's key consumer price index in October rose 1.9 percent from a year earlier for the 13th straight month of increase as growing raw material costs continued to push some food prices higher, the government said Friday. But the benchmark inflation rate slowed its pace of growth, largely affected by contracting oil and other energy prices, adding to the sign that the economy increasingly faces downside risks to growth as upside risks to prices recede. ---------- Dollar hovers at lower 95 yen level in directionless Tokyo deals TOKYO - The U.S. dollar hovered at the lower 95 yen level Friday morning in Tokyo in directionless trading as early morning buying by Japanese exporters was later offset by selling by investors securing quick profits. At noon, the dollar fetched 95.20-25 yen against 95.50-60 yen in London at 4 p.m. and 95.10-13 yen in Tokyo at 5 p.m. Thursday. Comparable data for the New York market were unavailable due to a national holiday. ---------- Key 10-year JGB yield briefly falls to 2-month low TOKYO - The yield on the benchmark 10-year Japanese government bond fell to a two-month intraday low of 1.355 percent Friday morning as investors bought safe-haven bonds following a worse-than-expected reading of Japanese industrial production in October. In interdealer trading, the yield on the No. 296, 1.5 percent issue ended the morning at 1.365 percent, down 0.005 percentage point from Thursday's close. ---------- Tokyo stocks end morning mixed amid sluggish corporate outlook TOKYO - Tokyo stocks ended Friday morning mixed as investors groped for direction, caught between optimism about a recent series of economy-boosting measures and pessimism about the outlook for Japanese corporate earnings reinforced by the results of key consumer electronics manufacturer Panasonic Corp. The 225-issue Nikkei Stock Average gained 47.70 points, or 0.57 percent, from Thursday to 8,421.09. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 0.21 point, or 0.03 percent, to 828.82. Copyright ? 2008 Kyodo News International, Inc. |