JAPAN: The nation’s unemployment rate has fallen...

JAPAN: The nation’s unemployment rate has fallen to its lowest level in 10 years as a result of the country’s long-running economic expansion. The seasonally adjusted jobless rate in the year ended March 31 averaged 2.1%, the lowest since the 2.1% rate of 1980-81 and down from 2.2% in 1989-90, the government’s Management and Coordination Agency said. “Despite a recent slowdown in Japan’s economic growth, tight labor conditions are seen as unlikely to ease to any significant extent,” said an economist at a major Japanese bank. A severe labor shortage has spurred inflationary concerns by pushing employment costs higher. With the local economy slowing just moderately, the labor market may not show a sign of easing soon, economists say.