Japan has. been hit by a depression, The Asahi Shimbun calls it "the worst" in the history of the country. Other newspapers are not so pessimistic. The Nihon Keizai Shimbun, for instance, calls it only a "recession" although it admits that the economy is in "the griv of a mood of depression..."
A clamor has gone up among businessmen that the Sato Cabinet do something about the situation and ideas of many kinds are pouring into the suggestion box. Opinions seem to be divided, however, on exactly what should be done.
The effects of the depression are noticeable in many fields. A Waseda University student told the June 7 Weekly Sankei: "Whenever our classmates gather, we talk only about job-hunting. We are too worried about our future to concentrate on study."
A survey carried out by the publication shows that 60 out of:
134 well-established Japanese companies will hire fewer new employees next year than in the past. Fifteen companies plan no expansion whatsoever. Nearly 80% of Japanese companies will hire fewer university graduates next year than previously, according to the weekly.
Bonuses this year will increase in amount but drop in ratio to monthly salaries. The drop is calculated to be about 5%.
The first reaction of the union bureaucracies is to go along with fewer increases in bonuses than last year. This will mean a drop in the standard of living since prices have continued to rise.
Last year, one company paid a cash bonus, This year it is going to give a gmall transistor radio to each employee. Since the company has 50,000 employees, it can "deplete its transistor radio stock by 50, 000 units,"
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