A majority of Japanese firms said they have taken steps - from lay offs to pay cuts - to cope with the fallout from the coronavirus pandemic on the world's third-largest economy, according to a Reuters monthly poll.
TOKYO - A majority of Japanese firms said they have taken steps - from lay offs to pay cuts - to cope with the fallout from the coronavirus pandemic on the world’s third-largest economy, according to a Reuters monthly poll.
Prime Minister Shinzo Abe has responded with two stimulus packages totalling $2.2 trillion - including payouts to citizens and ailing firms - but over half of the respondents in the poll were critical of the response. Meanwhile, only 44% of Japanese firms said they appreciated the government’s response to the economic fallout from the new virus, which many criticised as being too slow as it was tied up in bureaucratic red tape, the survey showed.
In a positive development that could boost productivity, more and more companies are gradually shifting away from old-fashioned business practices that remain a stubborn anomaly in an otherwise high-tech nation.
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