Japan's Giant Yakult Conducts First Mass Layoffs in China, as Wage Cuts and Unemployment Surge

China's economy continues to decline, and foreign-funded companies have laid off employees. The headquarters of Japanese beverage manufacturer Yakult recently announced that it has carried out large-scale layoffs at its subsidiary in Shanghai. The number of layoffs will reach approximately 800 people. It is reported that this is Yakult’s first large-scale layoff in China. #chinaobserver