Japan has the world’s second-largest economy, but the recession appears to be impacting the nation’s economy causing thousands of university graduates to confront the possibility of not being able to find a job. Last year’s students did not encounter any problem in securing jobs, but this year there are indications many companies are cutting back on new hires and are offering less lucrative beginning salaries. There are even reports some corporations have retracted job offers which is causing those students to suddenly seek work at another company. Job offers already are down by a few percent, but no one knows what the future will bring.
Most experts believe large corporations will scale back hiring at least for several months while they wait to see the direction of the economy. Japan has a population which is growing older so there might be relief in sight for younger workers who can wait out retirements which are due to happen.