Earnings season reimagined
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Japan's small firms, many of which are “mom-and-pop” operations, are dying out as their aging owners struggle to find successors, according to Reuters.
Prime Minister Shinzo Abe has targeted more business startups as a crucial part of regenerating economic activity, but the impact has been minimal so far, with the number of small firms that are closing their doors at a near-record high.
For instance, Takayasu Watanabe, 72, has closed a chalk-making business in Nagoya that his family had operated for more than 80 years. He sold technology, equipment and trademark rights to a South Korean company last year.
"My physical condition has been deteriorating. I was unable to find a successor and business performance was not good," Watanabe said, adding that none of his three daughters wanted to take over the firm.
The Bank of Japan’s Tankan business survey showed on Monday that small manufacturers remained pessimistic in September as the economy continues to flounder more than three years after the prime minister pledged to reboot it with reflationary policies which markets have dubbed “Abenomics.” (Source: Reuters)
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