Japan's Panasonic plans to cut forty thousand jobs globally over the next two years. According to reports published on Thursday, the job losses represent about 10% of its workforce, and most of the cuts will come from the company's overseas divisions. The company is due to release its latest annual earnings report later on Thursday. Panasonic is Japan's biggest consumer electronics maker currently employing 380,000 people. Japan's electronics makers face increasing competition from their South Korean and Chinese rivals, who often offer cheaper products.