Shortages of the “right kind” of talent are holding back Japanese growth in sectors from tourism to the financial industry, according to the president of the American Chamber of Commerce in Japan.
“Our members see the possibility of up to 50% more activity in the capital markets if there are structural reforms and an opening up to attract and retain the right kind of talent that bring a diverse skill set, new ideas and financial structures,” Om Prakash said in an interview with Bloomberg Television on Monday.
Lack of bilingual staff is holding back growth in the tourism sector, he added, even as the weak yen attracts visitors. About 1.9 million people visited Japan in May, just over two-thirds of the number who visited in the same month in 2019, according to the Japan National Tourism Organization.
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Asked about the weakness of the yen, which is hovering around its lowest levels since November, Prakash said the effect on member companies was not universal. He is also chief executive officer at Northrup Grumman Japan, which supplies Japan’s Self-Defense Forces,
“For some sectors like the defense sector, obviously there’s questions a weakening yen, what that really means for the buying potential of the government,” he said.
