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Business trends

Job cuts at Japanese companies jump, hinting at strategy shift

Voluntary retirement offers through February top annual total in 2023

Commuters in Tokyo: Some companies are eliminating jobs, even as profits pick up, as they respond to pressure to raise profitability still further. (Photo by Nanami Sato)

TOKYO -- More than 3,600 job cuts were announced by Japanese companies in the first two months this year despite the historic rise in stock prices, reflecting a sense of urgency in corporate Japan about the need to restructure as wages rise.

According to research company Tokyo Shoko Research, 14 listed companies announced early or voluntary retirement offers for 3,613 people domestically, a sixfold increase from the same period last year. This figure exceeded the total for last year, which was 3,161.

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