Nearly 40% of Japanese companies hire people over 70 years old

TOKYO -- Japanese companies are increasingly counting on elderly workers to plug labor shortages and make business more competitive. Last year, nearly 40% of businesses -- double the ratio a decade earlier -- let employees work until 70 and beyond. In the construction and retail sectors, workers 65 or older made up more than 10% of the workforce.

Many companies seem to have little choice, as the yen's recent weakness has made it harder to hire foreign workers. Still, there is a drawback in retaining older workers, as they are more prone to on-the-job accidents and employers need to work harder to ensure their safety.