Toyota Motor Corp to axe 3,000 jobs in Japan

CRISIS MANAGEMENT: Toyota forecast a 68 per cent drop in full-year net income.

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New Delhi: Japan's biggest carmaker, Toyota Motor Corp, is all set to axe three thousand jobs in Japan.

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According to Toyota's spokesman,Toyota will cut its domestic temporary workforce by 50 per cent as vehicle demand slumps.

On Thursday, two other Japanese automakers,Mazda Corp and Isuzu Motors Ltd had announced a combined slash of 2,700 in response to slowing sales.

Earlier this month, Toyota forecast a 68 per cent drop in full-year net income.

Japanese companies are shedding contract workers as global recession cuts demand.

Temporary and part-time workers make up 33 per cent of Japan's workforce.