Covid created more long-term unemployment in Japan

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Tokyo, Nov 18 | The Covid-19 pandemic created more long-term unemployment in Japan, despite the country’s overall jobless number seeing a decline from July to September, local media reported on Thursday citing government data.

The Internal Affairs Ministry said that the monthly average number of people without work for more than 12 months was around 660,000 from July to September, increasing by 180,000 from the same period last year, reports Xinhua news agency.

The monthly average number of unemployed people for any length of time decreased by 110,000 to 1.91 million.

The figures suggest that about one in three unemployed people is experiencing long-term unemployment.

The Labour Ministry said that although the unemployment insurance system offered special treatment to those affected by the pandemic, their benefits would only last for 360 days.

The Japanese government has been paying subsidies to employers to avoid a surge in unemployment.

However, fewer offers were provided recently for people seeking new jobs, as the pandemic took a toll on the economy.

Source: IANS

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Share Market Closing Bell: Nifty ends around 15,800, Sensex tanks 1,416 pts

Share Market Closing Bell: Nifty ends around 15,800, Sensex tanks 1,416 pts

On the back of Global Clues and SGX, Nifty opened on a gap down note & continued downside momentum throughout the day and closed the session at 15809.40 level with a loss of 430.90. However, Bank nifty closed the session at 33315.65 level with a loss of 848.05 points.

India VIX closed at 24.56 up by 10.13% which is a sign of more volatility in upcoming sessions.47 stocks out of NIFTY 50 closed in RED which suggest broad based selling. All the sectoral indices were ended in the red with metal, IT indices down 4-5 percent.

Despite one way fall, Stocks like ITC, DRREDDY, POWERGRID were the top gainers, While WIPRO, HCLTECH, INFY, TCS & TECHM were prime losers. On a daily chart, Nifty has formed a Bearish candle which indicates downside momentum for an upcoming session. Moreover, Nifty is showing support from horizontal line i.e., 15750 levels which is make or break level. In addition, Nifty has been sustained above the 21-Monthly Moving Average which indicates a bounce back from lower levels can be seen.

However, the momentum indicators MACD & Stochastic were trading with a negative crossover & trading in oversold zone which is a sign of sideways to negative trend in Nifty. The Nifty may find Strong support around 15700 levels, breaching below it can show more downside till 15500 levels while on the upside 16000 may act as an immediate hurdle. On the other hand, Bank nifty has support at 32800 levels while resistance at 34500 levels.

Palak Kothari
Research Associate
Choice Broking

Source: Choice India

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