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Resource ID: #17917
Subject: Employment
Source: Wall Street Journal (New York)
Date: 2022-07-05



The Wall Street Journal reports on Japan's economic slump, where politicians have "stuck to a failed old formula for growth-pumping money into roads and other projects for fading rural areas." Bankers have had to foreclose on longtime clients in an effort to clear loans. "The result: a swelling national debt an a financial system unable to provide adequate credit." This has led to 59% of the population being affected by bankruptcies and a record-high 4.9% unemployment rate. Employees now are in denial of their company's bankruptcy, trying to hold on to jobs that no longer exist. And because Japanese companies can enforce age limits on hires, older workers are faced with the dilemma of starting over in a country where age discrimination is legal. Yumiko Ono reports on the efforts of Japanese employees to survive.

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