Japan’s unemployment rate dropped to 2.5 percent in August, down from 2.7 percent the previous month, as more individuals seeking better work conditions secured new positions, according to recent government statistics.
As reported by Japan’s News Agency (Kyodo), the number of employed individuals rose by 0.4 percent to a seasonally adjusted total of 67.91 million, marking the highest figure since records began in 1953. Meanwhile, the number of unemployed persons fell by 8.0 percent to 1.72 million, as stated by the Ministry of Internal Affairs and Communications.
Voluntary departures and layoffs
Among those without jobs, 700,000 left their positions voluntarily, representing a 13.6 percent decrease from July, while 390,000 were laid off, down 13.3 percent.
Job availability ratio
The job availability ratio slightly decreased by 0.01 points from July to 1.23, indicating there are 123 job openings for every 100 job seekers, based on separate data.
Sector trends
Sector-wise, the information and communication industry saw a 1.4 percent increase in job offers compared to a year ago. In stark contrast, new job listings in the hotel and restaurant sector plummeted by 23.5 percent, followed by a 12.3 percent drop in lifestyle and entertainment services.
Bank of Japan’s monetary policy
On September 20, the Bank of Japan maintained interest rates at 0.25 percent, noting a moderate recovery in the country’s economy, although some areas still show signs of weakness.
In its latest monetary policy report, the central bank highlighted that foreign economies have seen moderate growth overall. Exports and industrial output have remained relatively stable. With an improvement in corporate earnings, business fixed investment has been on a gradual rise. Additionally, Japan’s employment and income conditions have also shown moderate improvement.
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