Japan economy shrinks at fastest pace in 35 years TOKYO - Japan's economy contracted in the fourth quarter at the fastest pace in 35 years as a collapse in global demand continues to drain the life from the world's second-largest economy. Nissan to slash 20,000 jobs and sees annual loss TOKYO - Nissan is slashing 20,000 jobs, or 8.5 percent of its global work force, to cope with what Japan's third-largest automaker expects will be its first annual loss in nine years. Detroit auto show strips out glitz in rough times DETROIT - The streets of downtown Detroit will be free of cattle this year, and there won't be any Jeeps flying through the windows of the convention center.