Monday, August 17, 2009

Japan emerges from recession

Japan's economy grew 3.7 percent on an annualized basis from April to June this year, the first time the world's second largest economy has seen positive growth in 15 months.

The announcement of preliminary figures by Japan's Cabinet Office comes after France and Germany surprised economists last week by posting 0.3 percent growth for the second quarter of the year.

The news that Japan has rebounded -- the hardest hit of the major economies because of its reliance on exports -- gives economists cautious optimism that the worst of the global recession is over.

"The economy has seen a bottoming out of global demand, which has pushed out net exports ... especially in high tech industries and basic materials, such as chemical, steel and so on because of Chinese demand," said Hiromichi Shirakawa, chief economist in Japan for Credit Suisse.

Japan's GDP grew just under 1 percent during the three-month period and trade increased 1.6 percent.

The Japanese economy was buoyed by a historic ¥15 trillion ($150 billion) stimulus package in May, which included unemployment benefits, aid to struggling companies, promotion of green industries and a variety of tax breaks.The uptick marks the end of the worst recession in Japan since the end of World War II. Japan's GDP fell at a record pace during the January-March quarter, when GDP was 15.4 percent lower than the same time period last year.

"There are many times in the past when tax breaks and fiscal stimulus were offered and failed, but this time around, it worked," Shirakawa said.

Economists expect GDP to continue modest growth through the rest of the year, especially with an expected rebound in global auto sales this quarter. But whether the recovery can continue into the new year after the stimulus package runs its course remains a question.

"Japan's economy still is quite sensitive to global demand ... and for consumer demand to grow on a self-sustained basis still seems unlikely," Shirakawa said

Thursday, August 06, 2009

Market Update 8-06-2009

Greetings from Advance!

Hoping you are taking time to enjoy the Summer this year. We're busy with new positions and currently working on 50 job openings ranging from Junior level Engineers to Country Manager. Feel free to inquire with us for details.

Job Market Outlook:

The unemployment in Japan has jumped to its highest level for six years, which will undoubtedly hamper the country's recovery for the coming months. The number of workers unemployed has risen to 31% (3.5 million people) which means that job availability is at a record low of 43 positions for every 100 job seekers which was announced by the Japanese government in late July, 2009.

This means that candidates who are searching for a new job need to be more aggressive and flexible than ever. Having a well-formatted and well-written resume with bulleted points showing clear achievements, accomplishments and outlining your level of responsibility in details. If you are in advertising, consumer goods, architecture, brand management or a chef then having an impressive portfolio in addition to your resume would sure to help you make a long lasting impact during the interview.

I still meet people who still think its the 90s when jobs were plentiful during the IT boom and don't want to face up to reality that the job market and the world has changed. What you want to do and what you can do and what is out there for you are completely different in this new world. You may need to come down a step or two on the corporate ladder in order to go up once the economy recovers. Your pride and ego should be held in check and monitored while keeping your motivation and confidence up during this time. Forget about what position you had before or what you lost financially or status, it is time to move on and have a positive and realistic outlook for your future.

Feel free to check out our new job openings posted on CareerCross!

We're looking forward to hearing from you.

Have a great and productive week!