Unemployment in Japan reaches highest level in 6 years

07/31/2009 | Bloomberg

Japan's unemployment rate climbed to 5.4% in June, up from 5.2% in May, the nation's statistics bureau said. Economists predicted that joblessness will eventually reach a record 5.8% as businesses struggle to reduce expenses, a task made more difficult by price deflation. "Worsening job prospects will continue to weight on Japan's recovery," said Yasuhiro Onakado, chief economist at Daiwa SB Investments.

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