Japanese stocks closed lower as a weaker yen weighed on exports.
The Nikkei 225 index fell more than 1% to 4,918.60.
The yen weakened sharply on Monday as traders reacted to the news of the planned layoffs in a bid to reduce the impact of a weaker-than-expected outlook for economic growth.
The Nikkeidons initial move to sell yen bonds and short-term foreign exchange futures to drive up prices of the precious metal rose to their highest level since mid-September.
Japan is struggling to contain a surging dollar as it struggles to avoid deflation, which is an economic slowdown in consumption due to a drop in prices of goods.
The currency has been in a freefall for weeks, down more than 5% against the dollar in the last two months.
Its main trading partner China has cut tariffs and moved to limit imports of Japanese goods.