News On Japan

Majority of Japan CEOs say recovery won't happen for 2 years

Jul 21 (Nikkei) - The majority of Japanese companies CEOs expect the economy to take at least two years to recover from the fallout of the coronavirus, according to a Nikkei survey, pointing to a grim prognosis as the global pandemic shows no signs of abating.

With nearly all of the 145 companies responded resorting to telework, 40% are considering either shrinking office space or tapping share-office services, suggesting that they are bracing for a prolonged battle with the virus.

Thirty-eight percent said it will take two years before their respective markets return to pre-pandemic levels. The ratio rises to 55.8% when including respondents who predict a longer slump -- or no recovery at all.

The percentage of those predicting a down period lasting at least two years rose 12.4 points from the last poll taken in late May. Driving the deeper pessimism are the infections that continue to rise across the world.

"The second wave is certain to hit the West," said a respondent from a food company. "There are concerns about breakdowns in healthcare and part supplies."

"It will take two to three years for the pandemic to come to an end," says Toshiba President Nobuaki Kurumatani. "Japan will need to consider issuing superlong-term government bonds with maturities exceeding 50 years, says Kurumatani.

Marubeni President Masumi Kakinoki counts on a return of international cooperation to fight the disease.

"For the economy to make a full-scale recovery, it's essential for the outbreak to be contained worldwide," said Masumi.

The survey was conducted from June 30 through July 15, with respondents including presidents, CEOs and chairpersons.

If a second wave of infections were to occur in Japan, 61.4% of corporate chiefs said the subsequent emergency declaration will need to be as strict as the previous order. This camp outstrips the 28.9% of business leaders who prefer looser restrictions than before, and the 5.3% who do not want another emergency order.

News On Japan
POPULAR NEWS

The Ministry of Agriculture, Forestry, and Fisheries held an emergency meeting to address the rapid outbreak of avian influenza, urging prefectural governments to strengthen hygiene management measures.

Japan is facing a deepening crisis of poverty and inequality, with rising reports of 'invisible homeless' individuals and growing economic hardships among the population. Discussions over reforms to the country's tax and welfare systems have taken center stage, as policymakers grapple with how to provide meaningful support.

A special lighting ceremony was held on November 20th at Ueno Toshogu Shrine, located in Ueno Park, Taito Ward, Tokyo. The event featured a unique lighting design created by renowned lighting designer Motoko Ishii.

A Japanese pharmaceutical company has announced the successful commercialization of fiber made from silk produced by bagworms.

Sales for the Year-End Jumbo Lottery, which offers a combined prize of 1 billion yen for the first prize and adjacent prizes, have officially begun.

MEDIA CHANNELS
         

MORE Society NEWS

A man with a distinctive snake-like tattoo on his face has been arrested for shoplifting and assaulting a convenience store employee in Tokyo. The suspect, identified as 49-year-old Masakatsu Echizenya, is accused of stealing items from a store around noon on November 15th and violently attacking the employee who confronted him.

Hifumi Kato, affectionately known as 'Hifumin,' has been officially recognized by Guinness World Records for the longest-running chess puzzle column in a magazine.

A male caretaker at Tennoji Zoo in Osaka has been sent to prosecutors on suspicion of stealing vegetables and fruits used as monkey feed.

The operator of a strip theater in Osaka's Tenma district, advertised as "Western Japan's largest," has been arrested alongside nine others for exposing dancers' lower bodies to customers, police announced.

Kumano Nachi Taisha Shrine in Nachikatsuura Town, Wakayama Prefecture, has begun producing traditional calligraphy artwork for next year’s New Year celebrations.

Tokyo Metropolitan Police have arrested five people on suspicion of violating Japan's Employment Security Act. They are believed to have run a nationwide operation to recruit women via social media to work in the sex industry. (NHK)

A human hand was discovered protruding from the ground at a cemetery in Nara City on November 18th, around 1:30 p.m.

Tanikawa Shuntaro -- a renowned Japanese poet who used his keen sense of observation in creating a vast body of work -- has died of old age. He was 92. (NHK)