A tent village set up in a Tokyo park for the country’s growing number of jobless filled up so fast that it was moved yesterday to a government building to accommodate the overflow.
The government offered a ministry hall late on Friday, responding to a request from volunteers, to house more than 250 unemployed and homeless people after the first comers quickly filled the tents, according to the shelter’s Japanese-language Web site.
The homeless can stay in the building through tomorrow and job counseling and other efforts are under way to place the people in other locations, it said.
PHOTO: AP
The tent village that volunteers and unions opened on New Year’s Eve highlights the serious social costs of the global recession for the world’s second largest economy.
The government estimates 85,000 part-time workers will lose their jobs between October and March. Another 3,300 permanent employees are expected to become jobless over the same period.
Temporary workers have been the first to be fired in the latest wave of cutbacks as Japan’s exports and company investments crashed after the US financial crisis.
Temporary jobs at manufacturing were illegal before 2004, but today top companies, including Toyota Motor Corp and Canon Inc, routinely rely on temporary staffing to adjust production to gyrating overseas demand.
Japanese Communist Party executive committee chair Kazuo Shii, who visited the village, said the government needs to do more to help the unemployed.
“It is unforgivable that Japan’s major companies have thrown so many workers out on the streets at the end of the year,” he said.
For decades Japan promised lifetime jobs at major companies and government welfare programs for the jobless are still limited.
The village has also drawn some who have been needy for years.
Shigeru Kobayashi, 65, who has been unemployed four years, lives in the park.
“People talked about a recovery, but it never got good anyway,” he said with a grin. “I’m unemployed. All I have is heart.”
Tamotsu Chiba, 55, a theater producer and volunteer at the tent village, said he found the energy of the volunteers encouraging.
“There are so many kinds of people here. This has given me a feeling of hope about Japan,” he said.
ADVANCED: Previously, Taiwanese chip companies were restricted from building overseas fabs with technology less than two generations behind domestic factories Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), a major chip supplier to Nvidia Corp, would no longer be restricted from investing in next-generation 2-nanometer chip production in the US, the Ministry of Economic Affairs said yesterday. However, the ministry added that the world’s biggest contract chipmaker would not be making any reckless decisions, given the weight of its up to US$30 billion investment. To safeguard Taiwan’s chip technology advantages, the government has barred local chipmakers from making chips using more advanced technologies at their overseas factories, in China particularly. Chipmakers were previously only allowed to produce chips using less advanced technologies, specifically
The New Taiwan dollar is on the verge of overtaking the yuan as Asia’s best carry-trade target given its lower risk of interest-rate and currency volatility. A strategy of borrowing the New Taiwan dollar to invest in higher-yielding alternatives has generated the second-highest return over the past month among Asian currencies behind the yuan, based on the Sharpe ratio that measures risk-adjusted relative returns. The New Taiwan dollar may soon replace its Chinese peer as the region’s favored carry trade tool, analysts say, citing Beijing’s efforts to support the yuan that can create wild swings in borrowing costs. In contrast,
TARIFF SURGE: The strong performance could be attributed to the growing artificial intelligence device market and mass orders ahead of potential US tariffs, analysts said The combined revenue of companies listed on the Taiwan Stock Exchange and the Taipei Exchange for the whole of last year totaled NT$44.66 trillion (US$1.35 trillion), up 12.8 percent year-on-year and hit a record high, data compiled by investment consulting firm CMoney showed on Saturday. The result came after listed firms reported a 23.92 percent annual increase in combined revenue for last month at NT$4.1 trillion, the second-highest for the month of December on record, and posted a 15.63 percent rise in combined revenue for the December quarter at NT$12.25 billion, the highest quarterly figure ever, the data showed. Analysts attributed the
Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) quarterly sales topped estimates, reinforcing investor hopes that the torrid pace of artificial intelligence (AI) hardware spending would extend into this year. The go-to chipmaker for Nvidia Corp and Apple Inc reported a 39 percent rise in December-quarter revenue to NT$868.5 billion (US$26.35 billion), based on calculations from monthly disclosures. That compared with an average estimate of NT$854.7 billion. The strong showing from Taiwan’s largest company bolsters expectations that big tech companies from Alphabet Inc to Microsoft Corp would continue to build and upgrade datacenters at a rapid clip to propel AI development. Growth accelerated for