An estimated 1.2 million people joined the workforce Wednesday as companies and government institutions throughout the country held entrance ceremonies to welcome their new recruits.

April 1 is not only the first day of work for high school and university graduates, it's also the start of most academic, business and fiscal years in Japan -- the main reason why the "Big Bang" reform of the financial system and other changes went into effect Wednesday.

Across the nation, company presidents, school principals and government bosses welcomed the recruits during entrance ceremonies with customary speeches. In Tokyo, Katsuyuki Sugita, president of Dai-Ichi Kangyo Bank, told new recruits, "We are being reborn although we have caused you much anxiety with scandal."