One of Japan’s oldest electronics appliance makers, NEC, is the first Japanese company to announce huge cuts for Union workers AND executives!

Union labor is asked to take a 4% pay cut, on top of 10,000 workers being laid off!  But, wait there’s more!  Managers will also get hit with a 4% cut in pay.  And executives were told their bonuses will be 40% less!

NEC officials say the company has lost about $1.2 billion, for their business end of year (which is in March)!  They blame natural disasters and the increasing value of the Japanese yen (which is actually caused by the declining value of the U.S. dollar).