Listen: Japan Has a New Emperor and a New Era, but a Dark Future
"So I was at this party recently at the residence of the Japanese Ambassador to New York totally no big deal by the way I go to these things lake all the time sally herships. We love having you on the show. Thank you well at this party. Since I know you WanNa know there were cherry blossoms and ceremonial drums of Sake and a lot of Sushi. The party was to celebrate because two thousand nineteen I mean it is a really big deal for Japan. Yeah the country has declared a new era known as ray Wa or beautiful harmony. There's a new emperor. The Olympics is coming up next year in Tokyo but unfortunately there's also something else. Japan has been experiencing a critical decline in its birth rate which has led to a massive labor shortage in some parts of the economy. The country is running out of workers and that problem is something that Masahiro Sato talked to me about he's deputy consul general at the Consulate General of Japan in New York. He was my host at the party. We had the experiencing Labor sautes pumped up. Can you believe that there are companies that went bankrupt because they weren't enough workers. Yes that's correct. I Ah I had a difficult to understand that news is happening. Okay so critical labor shortage labor shortage so bad that companies in some industries are going bankrupt because they cannot find enough employees and you might think that the. Way To solve this problem at least temporarily is to get workers to work longer to put in more hours but that is actually not the solution that Japan is pursuing. nope not at all instead to solve its problem. Japan is asking gets workers to work less. It is actually writing this into law. The country of Japan is putting a cap on the number of overtime hours. Its residents can"