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TOKYO -- With the yen hovering around 157 against the dollar, the Japanese currency's rapid depreciation has created problems for the country beyond costly imports, including by depressing wages in dollar terms and driving away foreign talent.
At a presentation last month in Shanghai, Masato Sampei, the president of recruitment support company Asia to Japan, faced a pointed question from a student: Can you live on an annual income of 3 million yen ($19,100) in Tokyo?
As Sampei explained the cost of living in Tokyo and a likely first-year salary at a Japanese company, students' faces became crestfallen.
This is a sea change from just about 10 years ago, when talk of potential salaries at Japanese companies drew cheers.
"The recent depreciation of the yen was a final blow," Sampei said. "We cannot recruit talented students from China's coastal areas, Taiwan and South Korea."
asia.nikkei.com
At a presentation last month in Shanghai, Masato Sampei, the president of recruitment support company Asia to Japan, faced a pointed question from a student: Can you live on an annual income of 3 million yen ($19,100) in Tokyo?
As Sampei explained the cost of living in Tokyo and a likely first-year salary at a Japanese company, students' faces became crestfallen.
This is a sea change from just about 10 years ago, when talk of potential salaries at Japanese companies drew cheers.
"The recent depreciation of the yen was a final blow," Sampei said. "We cannot recruit talented students from China's coastal areas, Taiwan and South Korea."
$20,000 annual pay: Japan's weak yen drives away Asian talent
Companies face trouble recruiting students from China, Taiwan and South Korea
asia.nikkei.com
