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Japan jobless back to record high
TOKYO, Japan -- Japan's unemployment rate rose to 5.5 percent in December, matching a record high last seen in October, government data showed on Friday. The figures add to worries about the health of the world's second largest economy, where a decade of stunted growth has sapped business confidence. Japan's stock market fell sharply at the open Friday, in reaction to the jobless figures and a weak Wall Street performance. The Nikkei 225 average tumbled to a 20-year low of 8,237.03 before recovering slightly to be down 0.58 percent by mid-morning at 8,268.47. The December jobless rate of 5.5 percent compares with 5.3 percent in November and 5.4 percent a year ago. The median forecast from a Reuters poll of 17 economists was for 5.4 percent. The number of unemployed fell by 60,000 from the same month last year to 3.31 million, the Ministry of Public Management, Home Affairs, Posts and Telecommunications said. The number of employed, including self-employed, fell by 710,000 to 62.91 million. The jobless rate for calendar 2002 was 5.4 percent on a seasonally adjusted basis, compared with 5.0 percent in 2001. Separate data from the Ministry of Health, Labour and Welfare showed the jobs-to-applicants ratio at 0.58, meaning there were 58 jobs available for every 100 job seekers. Reuters contributed to this report.
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