According to official statistics, the Japanese industrial production has had a fall of 9.6% in December 2008 compared to the previous month. The unemployment rate rose from 3.9% in one month to 4.4%, and increased by 16.9% in December over the previous year, household consumption fell by 4.6% compared to ten months ago. Experts estimate there's a drop in GDP of 10% in the last quarter of 2008, ending March 30. Japanese exports have had a decline of 35% in December.
As reported by financial daily Nikkei, Toyota would be to announce for the first time in the last 40 years (the last year at a loss dating back to 1963), a loss of 400 billion yen (3.4 billion euro) in '2008-2009 fiscal year, which ends March 30 compared with 150 billion projected in December. The Honda is a 90% drop in profits last quarter. In crises, including the Japanese electronics companies, Hitachi has already announced a cut of 7,000 jobs and an annual loss of 5.8 billion euro, the NEC has announced to cut 20 000 jobs.
According to the Bank of Japan, the recession is expected to last two years.
Delicate situation in the United States. Ii Gross Domestic Product (GDP) had a decrease of 3.8% in the fourth quarter of 2008, the worst decline since 1982. Though some were expecting a decline even more, -5/-5, 5%.