Tokyo, Dec. 1, (dpa/GNA) – Japan’s pre-tax corporate profits dropped 28.4 per cent from a year earlier to 12.4 trillion yen (118.9 billion dollars) in the July-to-September period, marking the sixth consecutive quarterly decline in the pandemic-hit economy, a government report showed on Tuesday.
In the previous quarter, pre-tax corporate profits plunged 46.6 per cent year-on-year, posting the biggest fall in 11 years.
Business investment fell 10.6 per cent year-on-year to 10.8 trillion yen in the third quarter, while sales dropped 11.5 per cent to 309.3 trillion yen for the fifth straight quarter of decline, the report released by the Finance Ministry showed.
Japan’s economy expanded at an annualized rate of 21.4 per cent in the July-to-September period, marking the first period of growth in four quarters following a historic recession, as business activities restarted following a month-long coronavirus state of emergency that ended in May.
However, Japan is facing a new wave of coronavirus infections, which prompted some major cities, including Tokyo and Osaka, to request bars and restaurant reduce operating hours to limit the virus’ spread.
Meanwhile, the nation’s unemployment rate rose to 3.1 per cent in October from 3 per cent in the previous month, the Ministry of Internal Affairs and Communications said.
The ministry also said about 850,000 temporary and part-time jobs were eliminated compared with a year earlier, as such contingent workers bore the brunt of economic downturn.
GNA