© Dukascopy
|
"With the number of jobs in manufacturing falling, we're already starting to see the impact of the global economic slowdown"
- Yoshimasa Maruyama, an economist at Itochu Corp.
The number of unemployed Japanese surged more than expected in October, adding pressure on the Bank of Japan to introduce additional stimulus to support the country's economy.
Unemployment rate rose to 4.5 per cent in October from 4.1 per cent in September, said the Statistics Bureau on Tuesday. Economists expected the reading to increase to 4.2 per cent.
"With the number of jobs in manufacturing falling, we're already starting to see the impact of the global economic slowdown," said Yoshimasa Maruyama, an economist at Itochu Corp. in Tokyo. "Exports will fall off a cliff [in case of any global financial crisis]," said Maruyama.