Labor Shortage: Labor and Work Hours

labor shortage: It may also push for advanced technology such as artificial intelligence, according to The Japan Times. It's one of the major limitations that the Japanese economy needs to overcome to realize sustainable growth, the white paper says, referring to the country's labor shortage. The economy looks to be in its third-longest expansion phase on record, but consumption remains weak because wage growth is tepid despite tight labor market conditions, according to the paper on the economy and finances for fiscal 2017. ; As productivity in Japan still remains lower than in other major developed economies, the government may consider promoting labor reform cutting long work hours and eliminating unjustifiable discrimination between regular and nonregular workers. At the same time, it could also create a big opportunity to boost productivity and break with deflation. But four years later beating deflation remains an unattainable goal, with the BOJ having pushed back the timing for hitting its 2 percent inflation target for the sixth time. Since taking office in late 2012, Prime Minister Shinzo Abe has been seeking to pull the Japanese economy out of chronic deflation using his Abenomics policy mix that includes bold monetary easing by the Bank of Japan. (news.financializer.com). As reported in the news.