Japanese auto-maker, Nissan Motor, announced today that it will eliminate 20,000 jobs. The company has been doubly affected by the global economic recession and the relative strength of the yen (Japanese currency). Nissan's chief executive, Carlos Ghosn, cited the credit freeze, falling consumer confidence, and a need to shore up cash as reasons for the layoffs. Nissan is just one of many Japanese companies re-evaluating costs and current earnings forecasts recently. Companies such as Toyota , Panasonic, and Sony have also cut jobs. Nissan will also pull back on production by 20%, slash capital spending, and halt bonus payouts to firm directors. The company is now expecting a net loss for 2009.
See "Nissan to Cut 20,000 Jobs", Bettina Wassener, The New York Times, February 8, 2009