Small Japan firms dying out as successors elude ageing owners

Tokyo

JAPAN'S small firms, many of which are "mom-and-pop" operations, are dying out as their ageing owners struggle to find successors, in another sign that the fast-ageing population is taking its toll on the world's third-largest economy.

Prime Minister Shinzo Abe has targeted more business startups as a crucial part of regenerating activity, but the impact has been minimal so far, with the number of small firms that are closing their doors at a near record high.

Takayasu Watanabe, 72, has closed a chalk-making business in Nagoya, central Japan, that his family had operated for more than 80 years. He sold technology, equipment and trademark rights to a South Korean company last year. "My physical condition has been deteriorating. I was unable to find a successor and business performance was not good," Mr Watanabe said, adding that none of his three daughte…