"The Japanese economy enjoyed a long boom, the so-called ‘Bubble Keiki,' after the Second World War and then faced a long recession. The current recovery process has continued to be extremely weak. Moreover, there have been several negative factors such as the weakened international competitive power of Japanese firms due to the hasty yen appreciation, the huge amount of unsecured credits accumulated during the Bubble period, etc. These factors make people feel uneasy about the future course of the Japanese economy. Furthermore, the babyboomers who have reached the middle age, especially their heavy labour costs, have made many Japanese firms experience a difficult future."

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