Economy, Japan | featured news

Japan sees its unemployment reach a six-year high, at 5.4%, with job availability at a new low, in a further sign of the slowdown.

Japan's economy recorded its steepest contraction on record in the first quarter, sliding 4%.

Panasonic Corp. said Wednesday it will slash 15,000 jobs and shut down 27 plants worldwide, joining a slew of major Japanese companies announcing deep cuts as the global slowdown batters the world's second-largest economy.

Japan plans to use public money to help the companies hardest hit by the financial crisis, while newly confirmed U.S. Treasury Secretary Timothy Geithner vowed to act swiftly to rescue the U.S. economy.