Nissan’s announcement that it will cut 20,000 jobs from its global operation is no surprise.

014514400_1225980512 The company says it will lose £2bn in the 2008-09 financial year.

It had expected to make over £1bn in profit, until the global recession kicked in last autumn.

The appreciation of the Yen (which hammers profitability when cash from overseas sales is repatriated to Japan and makes it expensive to buy materials) has hit Nissan hard. Last month it decided to shift production of Micra from Japan to Thailand to cut costs.

Nissan has also seen sales in the US market tumble 31 percent and in January sales in Japan reportedly fell by the biggest margin for 35 years. A four-day week is on the horizon and city reports say Nissan is poised to kill 12 of the planned 60 new car projects due to be rolled out over the next five years. Electric car projects will survive, though.