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The Variety of Japan

In: Business and Management

Submitted By leejung2015
Words 901
Pages 4

Since the mid-1990s,the Japanese government has embarked on a series of reforms targeted at the microinstitutions of the economic system.These reforms represent a comprehensive program with the potential to transform Japan into a liberal market economy.However,the effect of these reforms were not very obvious.We find that the reforms have been designed more to preserve the essence of the Japanese model than to destroy it.

Labor reform
Background Japan’s lifelong employment system are blamed for the result of high labor costs,decreasing competitiveness,and raising unemployment.The government has given employers more freedom with working hours,compensation,and contracts,but it has not made it any easier for employers to dismiss workers.
To keep the flexibility of employment,there are several notable reforms.
●In 1997,the government remove some special protections for female workers such as governing overtime and nighttime work.
●In 1998,it revised the Labor Standards Law to give employers more flexibility with work-hour.
●In July 1999,the government revised the laws to allow employers greater freedom in hiring dispatch workers.
●In June 2003,the government extending the maximum contract period and allowing local governments to provide job placement services for free.
To keep the stability to supporting the long-term system.
●Court decided to rule that employers could not dismiss workers without cause unless they met fairly stringent criteria for economic hardship.
●Government also made some modest adjustments in welfare provision for unemployed workers.
Finance reform

Finance reform
The finance regulation experience from incremental reform to the big bang.
In 1996,Prime minister Hashimoto proposed a “Big Bang”reform.The government would open foreign exchange markets;Liberalize mutual fund,pension,and trust...

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