A record number of firms went under in Japan in the last six months, with labour shortages cited as the main reason, The Mainichi reported.
High employee turnover and hiring difficulties saw 163 companies fail during the first half of fiscal 2024, a survey by Teikoku Databank showed, following a similar record number failing in the same six months last year.
Japan’s labour shortages began to surface during and then after the coronavirus pandemic and have now begun to take a serious toll on corporate management, the report continued.
During his inaugural policy speech on Friday, Prime Minister Shigeru Ishiba referred to wage hikes and labour shortages, and tied in pay increases to worker productivity. He also vowed to promote an improved environment for small to midsize businesses to increase wages.
Read the full story: The Mainichi
- By Sean OMeara
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