Japan's large corporations save 39-trillion yen by cutting 60,000 jobs

Japan's 20 major corporate groups in the last two years increased their savings by more than two trillion yen to about 39 trillion yen in the name of "internal reserve", while slashing more than 60,000 jobs.

The National Confederation of Trade Unions (Zenroren) recently published the result of a survey of these corporations and said that large corporations must give these earnings back to society through wage increases and the creation of more full-time positions.

Chairman of the Japan Business Federation (JBF or Nippon Keidanren) Okuda Hiroshi has said, "For Japanese corporations to survive global competition, it's necessary to cut wages," but the Zenroren survey has revealed that his argument was groundless.

The company that increased its internal reserve the most is Hitachi, Ltd. with 931.2 billion yen, followed by Toyota Motor Corporation and Nissan Motor Co., Ltd.

major 20 companies consolidated

internal reserve(billion yen)
employees
Nippon Steel Corporation 544.1 49,400
NKK Corporation 195.9 25,653
Hitachi, Ltd. 4261.1 320,528
Toshiba Corporation 1698.6 165,776
Mitsubishi Heavy Industries, Ltd. 1106.8 61,292
Ishikawajima-Harima Heavy
Industries Co., Ltd.
251.2 23,575
Nissan Motor Co., Ltd. 2270.7 119,988
Toyota Motor Corporation
8522.4 264,096
Ito-Yokado Co., Ltd. 1157.6 47,417
East Japan Railway Company 1353.8 78,760
Kinki Nippon Railway Co., Ltd. 5.3 38,851
Yamato Transport Co., Ltd. 344.4 112,948
Tokyo Electric Power Co., Inc. 3627.5 52,322
Kansai Electric Power Co., Inc. 2114.3 35,554
Mitsubishi Corporation 1303.4 47,370
Kajima Corporation 182.1 17,376
Japan Airlines Co., Ltd. 173.9 45,891
Nippon Telegraph and Telephone Corporation
7423.1 207,363
Millea Holdings, Inc. 980.7 14,408
Mitsubishi Tokyo FinancialGroup, Inc.
1634.4 44,544
total 39151.3 1,773,112
Top 10 companies increase in consolidated internal reserve (billion yen)
1 Hitachi, Ltd. 931.2
2 Toyota Motor Corporation 580.5
3 Nissan Motor Co., Ltd. 426.0
4 Mitsubishi Corporation 337.1
5 Sony Corporation 305.5
6 Toshiba Corporation 260.2
7 Daiei, Inc. 251.7
8 Tokyo Electric Power Co., Inc. 214.6
9 Takeda Chemical Industries, Ltd. 213.9
10 NEC Corporation 213.4




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