Japan’s recession hits millennials
Japan has slipped into recession less than two years after the last one. With the country’s debt rising, population aging and job security fading, young people in particular wonder when, and if, Japan will bounce back.
Under pressure to reduce the developed world’s heaviest per-capita debt burden, at over a quadrillion yen ($8.5 trillion), Prime Minister Shinzo Abe raised the sales tax from 5 percent to 8 percent in April, and was supposed to increase it to 10 percent next year. But after the economy, already fragile after two decades of malaise, shrank for two quarters in a row, he put off the second increase until 2017.
The generation born as Japan’s economic bubble burst in the early 1990s will be supporting a vast cohort of retirees. Though their nation is rich, with ultra-modern public transport, low crime rates and excellent public health services, most are making do without the security of lifetime employment enjoyed by their parents and grandparents.
Meanwhile, Japan’s economy is being eclipsed by neighboring China, whose up-and-coming tech and industrial companies are increasingly potent rivals.
Low birth rates and increased life expectancy mean that Japan’s working age population is thinning out while the number of retirees and centenarians is swelling. The rapid aging of Japanese society is so evident in the mix of pedestrians on the street, in the media and in political discourse that it’s an issue on just about everyone’s mind.
Ryosuke Sunaga, a college senior decked out in his best job-hunting suit and brand new briefcase, said that by the time he has kids, he expects the sales tax will be at least 15 percent.
On Friday, Abe dissolved parliament for a Dec. 14 snap election he is calling to seek public approval of the tax hike delay and to affirm public support for his all-or-nothing policies to revive the world’s third-largest economy.
He has pledged to vanquish Japan’s long stagnation by injecting tens of trillions of yen (hundreds of billions of dollars) into the economy, pushing prices higher and the value of Japan’s currency lower. He also has promised a sweeping and drastic overhaul to help improve the country’s crumbling competitiveness.
As lawmakers rush to prepare for the election, Abe is renewing his campaign to persuade Japanese companies to raise wages and offer more opportunities for women workers. He also has promised to slash corporate taxes beginning next year to entice companies to invest more in Japan.
Ultimately, Japanese taxpayers will end up shouldering an even greater share of the country’s surging costs for health insurance, elder care and pensions, said Koichi Hamada, an economic adviser to Abe.
Source AP
Japan’s recession hits millennials!
Japan has slipped into recession less than two years after the last one. With the country’s debt rising, population aging and job security fading, young people in particular wonder when, and if, Japan will bounce back. Under pressure to reduce the developed world’s heaviest per-capita debt burden, at over a quadrillion yen ($8.5 trillion), Prime Minister Shinzo Abe raised the sales tax from 5 percent to 8 percent in April, and was supposed to increase it to 10 percent next year. But after the economy, already fragile after two decades of malaise, shrank for two quarters in a row, he put off the second increase until 2017.
The generation born as Japan’s economic bubble burst in the early 1990s will be supporting a vast cohort of retirees. Though their nation is rich, with ultra-modern public transport, low crime rates and excellent public health services, most are making do without the security of lifetime employment enjoyed by their parents and grandparents. Meanwhile, Japan’s economy is being eclipsed by neighboring China, whose up-and-coming tech and industrial companies are increasingly potent rivals.
I have complete faith that they will pull themselves out of it sooner than later! It is unfair but the Baby Boomer Generation always benefits at the expense of everyone else. They had success handed to them on a silver platter due to the incredible work ethic of the previous generation and continue to ride the wave now at the expense of the younger generations. Timing in life is everything!
My Generation
Japan’s recession hits Millennials! 🙁
Japan has slipped into recession less than two years after the last one. With the country’s debt rising, population aging and job security fading, young people in particular wonder when, and if, Japan will bounce back. Under pressure to reduce the developed world’s heaviest per-capita debt burden, at over a quadrillion yen ($8.5 trillion), Prime Minister Shinzo Abe raised the sales tax from 5 percent to 8 percent in April, and was supposed to increase it to 10 percent next year. But after the economy, already fragile after two decades of malaise, shrank for two quarters in a row, he put off the second increase until 2017.
The generation born as Japan’s economic bubble burst in the early 1990s will be supporting a vast cohort of retirees. Though their nation is rich, with ultra-modern public transport, low crime rates and excellent public health services, most are making do without the security of lifetime employment enjoyed by their parents and grandparents. Meanwhile, Japan’s economy is being eclipsed by neighboring China, whose up-and-coming tech and industrial companies are increasingly potent rivals.
I have complete faith that they will pull themselves out of it sooner than later! It is unfair but the Baby Boomer Generation always benefits at the expense of everyone else. They had success handed to them on a silver platter due to the incredible work ethic of the previous generation and continue to ride the wave now at the expense of the younger generations. Timing in life is everything!
My Generation
Start your own business! 🙂 If I come up with many “brilliant” ideas, anyone can! The Japanese are some of the most intelligent and hard working people in the world! Try my Orgasmic Hair Line, The Singing Cereal Collection, the 10 Year Marriage License and my all-time favorite = The Invisible Fence for Men = they get a nasty shock to the system each time they touch another girl inappropriately aka “The Bill Cosby Connection!” If someone won’t give you a job, create your own job! If they don’t let you into the club you want to join=start your own “better” club and name yourself CEO, Chairman, President etc. so that you can actually TURN THEM DOWN! 🙂 So many of these CEO’s, Presidents and Chairmen were rejected or passed over for promotions by places like Goldman Sachs, American Express and First Boston so they started their own firm and crowned themselves King! Roger McNamee was fired by a firm that he actually founded for supposedly being “too weird” (like that’s a bad thing??) = who’s sorry now?? Most American Firms do not embrace the strange and the peculiar amongst us=trust me I know from my own experience! Now McNamee runs the successful firm Elevation Partners and counts Bono amongst his employees! Another very interesting fact to note is that many Billionaires were fired from firms which prompted them to start their own firm where they in turn made Bill Ions and never looked back! 🙂
Finally, Former Mayor Rudy Guiliani of New York was so unpopular and such a geek at Manhattan College that he was rejected by all of the “cool and desirable clubs.” So what do you think he did?? He started his own club and made himself President, CEO and Chairman! No one joined and it wasn’t “cool” but the point is that he took control of his own nerdy destiny! 🙂
Become an Ideas Man/Woman who is actually an Inventor!
Larry the Inventor
This small island country is probably a good test case of what the rest of the world will experience in a while. The docile personality characteristics of the Japanese is a blessing as can you imagine what would happen if the Russians or the North Koreans occupied this area! Border expansion and a Government edict to increase the birth rate?