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Japan's unfair labor market limits wages and punishes women

Bold reforms needed to eliminate chronic inefficiencies

| Japan
People walk on a pedestrian crossing at Tokyo's Marunouchi business district: huge opportunity losses arise in Japan's rigidly dual labor market. (Photo by Karina Nooka) 

Nicholas Benes is chief executive of the Board Director Training Institute of Japan.

When Prime Minister Fumio Kishida of Japan addressed the World Economic Forum's virtual event last month, he said he intended to revitalize Japan with "a new form of capitalism," one that would better address income inequality and create a new "virtuous cycle of growth and distribution [of wealth]" and investment in human capital.

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