Japan Business Chief Warns of Radical Labour Market Shake-up

The world’s post-coronavirus economic future could depend on mass career migration away from sectors such as retail, entertainment and travel, Japan’s most powerful business leader has warned, the Financial Times reported. Hiroaki Nakanishi, chairman of Hitachi and head of the Keidanren business lobby, told the Financial Times in an interview that propping up businesses during lockdown was not sufficient and governments would need to shift spending away from furloughs towards fundamental economic restructuring. His comments point to the next stage in the coronavirus crisis, as hopes for a swift recovery dim and temporary lay-offs become permanent redundancies in the worst affected sectors. “Even if we resolve coronavirus completely, then will our towns be as lively as before?” said Mr Nakanishi. “Just saving struggling companies [won’t be enough] for the economies of Japan or the rest of the world. “It’s important to think really carefully about how far to encourage people to change jobs. Read more