October 18, 2024 – According to recent data released by the Tokyo Shoko Research Institute, a private research organization in Japan, the number of bankruptcies in the country has surpassed 5000 in the six months from April to September this year, marking a decade-high.
Sakata Yoshihiro, the head of the intelligence department at the Tokyo Shoko Research Institute, explained that compared to the same period last year, the number of business failures caused by a shortage of manpower has increased by 80.4%. This significant increase indicates that the impact of labor shortages is rapidly escalating.
Furthermore, the depreciation of the yen has led to rising costs of raw materials and energy, putting many businesses in a difficult position as they struggle to pass on these increased costs to consumers.
Disappointingly, there has also been a rise in cases of fraud among Japanese companies. For instance, a subsidiary of Panasonic was found to have been falsifying data for over 10 years, sparking public outcry. Even more shockingly, a company under Toyota was discovered to have been falsifying data for 34 years.
The widespread fraud among Japanese enterprises has shaken public confidence in Japanese manufacturing, once renowned for its quality and reliability.
