Japan’s unemployment rate hike amid the COVID-19 pandemic – why was it so mild?

Kei-Ichiro Inaba and Tomoki Matsuo

Applied Economics Letters, 2023, vol. 30, issue 8, 1001-1009

Abstract: This essay is a flash report on the impact of the COVID-19 pandemic on Japan’s labour market in the fiscal year 2020 wherein Japan’s unemployment rate increase was much milder than in other G7 countries. How was such a favourable outcome achieved? To answer this question, this essay analyses primary statistics to show that the main contributing factors were the swift cut of labour hours and the rapid increase in coronavirus-related paid leave. The latter factor is due primarily to an expanded labour policy measure. Generous policy measures to support corporate finance were also effective in maintaining general financial stability and preventing an increase in failures in the fiscal year 2020.

Date: 2023
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DOI: 10.1080/13504851.2022.2031857

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