Investor Presentaiton
Significant job losses have been avoided
in Japan
A breakdown of the number of employees by contract type
(y-o-y, %)
2.0
1.5
1.0
0.5
0.0
-0.5
-1.0
-1.5
-2.0
■Full-time employees
Dispatched workers
Others
Part-time employees
Contract workers
Total
-2.5
Jan
Apr
Jul
Oct
2020
Jan
2021
Apr
Jul
Oct (CY)
NOMURA
One reason for the smooth reopening of Japan's
economy after the pandemic is the relatively
small scale of job losses during the pandemic.
Employment and income conditions for
Japanese households avoided the serious
deterioration and jump in unemployment seen in
the US and European countries. The risk of
employment and household income acting to
hinder economic recovery may thus be lower.
Avoidance of large scale job losses, on the other
hand, may mean that little progress has been
made in reforming Japan's unique employment
customs and system characterized by terribly
low employee mobility. Following reopening after
the pandemic, these characteristics of Japan's
labor market could pose a serious challenge to
economic growth.
Source: Nomura, based on MIC data
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