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Japan production fall 'serious' Big slump in Japan factory output
(about 4 hours later)
Japan's Economics Minister Kaoru Yosano has described the country's falling production rate as "very serious". Japan's industrial output declined 9.6% in December - the biggest contraction since records began - as exports slumped due to the global downturn.
Japan's industrial output decreased by almost 10% in December compared with the previous month. Japan's Economics Minister Kaoru Yosano said the situation was unprecedented and that the drop in factory output "was likely to continue".
Mr Yosano said the situation was unprecedented and that the drop was likely to continue. The unemployment rate also rose in December to 4.4%, a three-year high.
The government has also said that unemployment in Japan rose to 4.4% in December, an increase of half a percent on the previous month. Official figures showed that 2.7 million people in Japan were without work, 400,000 more than a year ago.
Official figures show that 2.7m people in Japan are now without work, 400,000 more than a year ago. 'Bold steps'
Mr Yosano told a news conference that Japan had not experienced such a sharp fall in production before.
"The problem is very serious," he said.
Japan's economy slipped into its first recession in seven years in the third quarter of last year.Japan's economy slipped into its first recession in seven years in the third quarter of last year.
Exports have dropped as demand for Japanese products, such as cars, has fallen sharply. Exports have dropped as worldwide demand for Japanese products, such as cars and electrical equipment, has fallen sharply.
Prime Minister Taro Aso has told parliament he will take bold steps to make his the first country to emerge from the global crisis. Prime Minister Taro Aso has told parliament he will take bold steps to ensure Japan is the first country to emerge from the global crisis.
The slump in industrial output knocked confidence among Japanese investors, and the country's main Nikkei index ended down 3% or 257 points to 7,994.