Scrapping regulations on a range of business sectors in the 1990s did not adversely affect Japan’s labor market because the number of new jobs created by deregulation almost equaled those that were lost, the Economic Planning Agency said Tuesday.
The deregulation drive has created 1.1 million jobs since 1992, by encouraging entrepreneurs and businesses to start new companies and factories to cash in on business opportunities, the agency said.
That tally almost corresponds with an estimated 900,000 to 1.4 million workers who lost their jobs during the same period as a result of the failures of companies and plants amid intensified competition springing from deregulation, the agency’s report stated.
The survey covered several industrial sectors where deregulation has made substantial headway, including the transportation, telecommunications, retail and wholesale industries, it added.
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