Japan is the world’s fastest ageing country, nearly 30% of Japan’s population is already over 65. Devina Gupta looks into what the ever decreasing workforce means for businesses in Japan.
Many companies are pouring resources into developing advanced robots and artificial intelligence to do human work. Mikio Okumura- president of one of Japan’s largest insurance companies - Sompo Holdings, tells us his company has recently started using AI to analyse complex data to predict the health risks of individuals.
Many small and medium businesses owners nearing retirement age are also struggling to find successors. Japan’s trade ministry has warned that by 2025 over half a million profitable businesses could close, costing the economy $165 billion. Tsuneo Watanabe, a director of Nihon M&A Center, a company that specializes in finding buyers for such enterprises tells us how they're trying to solve the problem.
Producer / presenter: Devina Gupta Image: Senior citizens advertising in Tokyo; Credit: Getty Images