TOKYO -- At long last, Japan Inc. is showing signs of faster transformation, with both corporate births and closures on the rise. In 2023, over 140,000 companies were established, an increase of nearly 10% from the previous year. Closures also rose, partly due to the phaseout of COVID-19 pandemic support for smaller businesses.
With wages, interest rates and inflation all rising, price mechanisms and other market disciplines are beginning to drive swift adaptation among businesses. These developments may finally signal an end to Japan's prolonged period of low economic growth.
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