Battle for Japan’s economy comes down to Millennials vs Bank of Japan
Tokyo — Millennials in Japan have little interest in the job-hopping ways of their overseas counterparts, seeking stability and security instead. That is striking at the heart of the Bank of Japan’s efforts to jolt the economy to life. By some measures, young Japanese today face the best job market in a generation, with unemployment at a two-decade low of 2.8%. Offers of coveted permanent positions are on the rise. Yet last year only 6.9% of those aged 25-34 switched jobs. That’s a problem for the central bank as it tries to stoke inflation and growth with its unprecedented monetary stimulus. After four years, it is still waiting for the wage increases it says will fuel higher prices. Low worker mobility and a "strong preference for job security" are two of the biggest obstacles to that happening in Japan, the International Monetary Fund said this week. Mizuki Yamada, 23, epitomises the thinking that frustrates Bank of Japan policy makers. Stability was her top priority when she was...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.