The United States’ unemployment rate hit 13.3 percent in May, with more than 47 million people laid off since coronavirus lockdowns began.
So why has Japan’s rate stayed so low? One major explanation lies in the country’s dearth of workers owing to an aging population.
Japan has the world’s only “superaged” society in which more than 28 percent of people are 65 and older.
This means firms are reluctant to lay people off even during a recession, as they fear they will have few options to recruit when the crisis passes.
Japanese law also makes it difficult for companies to hire and fire flexibly during a downturn, notes Munehisa Tamura from the Daiwa Institute of Research.
“Therefore, even if an economic shock happens, generally speaking, it does not directly lead to an immediate and sharp spike in unemployment,” he said.
Even then, analysts point out the low rate does not account for millions — especially women — who gave up their job during the pandemic to care for family and are not counted as job-seekers.
And some critics say the apparently healthy unemployment data belies the daily reality for millions — especially the 40 percent of the workforce on temporary or part-time contracts.
Japan's three major telecoms -- NTT Docomo, KDDI and SoftBank -- are gearing up for a rate war in spring.
(Nikkei)
The Tokyo Stock Exchange says it will allow Toshiba to return to the First Section of traded shares, starting on Friday next week.
(NHK)
Companies in Japan have not promoted teleworking much, despite a call by the government to reduce the number of workers in offices by 70% during the second coronavirus state of emergency, a survey by the Japan Productivity Center has shown. (Japan Times)
Japan's central bank will keep its key monetary policy unchanged. It's a signal that it has delivered sufficient stimulus for now to cushion the blow from the COVID-19 pandemic. (CNA)
Japan's exports were up in December from the same month the previous year on stronger demand from customers in China and other Asian countries.
(NHK)
More than a dozen stores closed in Tokyo's high-end Ginza Six mall this week as the coronavirus pandemic kept big-spending foreign tourists and other luxury shoppers away from an upscale shopping district famous for brand-name boutiques.
(Japan Today)
Japanese advertising giant Dentsu Group Inc. is considering selling its 48-story headquarters building in Tokyo for some 300 billion yen ($2.9 billion), which would make it the highest-priced building to be sold in Japan, sources close to the matter said Wednesday.
(Kyodo)
Japan’s wholesale electricity prices hit the maximum possible for a third day after the government set upper limits on moves last week amid the worst power crunch since the Fukushima disaster nearly a decade ago. (Reuters)
One of Japan's top sporting venues is about to get a new owner. The Tokyo Dome, home ground of the Yomiuri Giants baseball team, will be part of real estate company Mitsui Fudosan's portfolio.
(NHK)
Major Japanese retail chain Don Quijote opened its first Taiwan store on Tuesday, under the brand name Don Don Donki. (Formosa TV English News)
Japan's winter resorts are on a slippery financial slope as rising COVID-19 infections deter skiers and snowboarders. (Nikkei)
Japanese electronic parts manufacturers are making big investments to scale up output of components for electrified vehicles, seeking to establish a place in the coalescing supply chains for the rapidly growing field. (Nikkei)
The operator of a number of izakaya pub chains in Japan says it is closing down about 20 percent of its outlets in Tokyo. It hopes to mitigate the impact of shorter business hours due to the coronavirus pandemic.
(NHK)
The Japanese government declared a second state of emergency following a surge in coronavirus cases in Tokyo and three neighboring prefectures on Jan 7. (Japan Today)
Rising coronavirus cases are leading Central Japan Railway to take the unprecedented step of requiring thousands of employees to go on paid leave as passenger numbers drop sharply.
(NHK)
Toyota will pay $180 million to settle U.S. government allegations that it failed to report and fix pollution control defects in its vehicles for a decade.
(Japan Todayj)
Japan’s wholesale prices fell 2.0% in December from a year earlier on sliding fuel costs, data showed on Thursday, a sign that the hit to demand from the coronavirus pandemic is weighing on the world’s third-largest economy. (Reuters)
Fast Retailing Co.’s lineup of functional and casual attire continued to lure value-conscious shoppers whose preferences are changing in the midst of the COVID-19 pandemic, helping to push the Uniqlo operator’s first-quarter earnings close to an all-time high. (Japan Times)
Tokyo's benchmark stock index continued its rise on Thursday, buoyed by better-than-expected figures for machinery orders across Japan. The gains propelled the Nikkei Average to a fresh 30-year high.
(NHK)
Following moves by its rivals, KDDI Corp. said Wednesday it will roll out new cut-price smartphone plans, further intensifying competition among mobile phone carriers under intense pressure from the government. (Japan Times)