Lost decades of Japan all due to labour rigidity
While lifetime employment made the nation an economic powerhouse, it also prevented companies from getting rid of any excesses built up during a bubble.
Add BT as a preferred source
DESPITE all the hype and enthusiasm surrounding Abenomics' three arrows, there appears to be little change in the Japanese economy's growth trajectory since Shinzo Abe took office at the end of 2012. Japan recorded its fifth technical recession this year, defined as two consecutive quarters of contraction in real GDP, since the global financial crisis in 2008.
However, the malaise plaguing the Japanese economy is anything but technical. How bad is the situation in Japan? Perhaps doing the following simple exercise may provide a hint: name five internationally competitive non-auto Japanese companies. Now, do the same for the US and Germany.
You get the gravity of the problem?
TRENDING NOW
CSE Global independent director quits after clashes with chairman Eugene Lai over board refresh
Cat A COE rate exceeds Cat B for third time in 4 months; premiums largely down
‘I felt like dying’: Thai Singha beer scion speaks up after disclosure of alleged sexual abuse
Manulife pulls loan product for rich Hong Kong clients after scrutiny
