After all, the three key determinants of economic growth for any country are: labour, capital, and productivity. With a population set to shrink by 30 percent and elderly ratio to increase to two-fifths by 2060, Japan’s Prime Minister Shinzo Abe announced in 2014 a “Creating a Society in which Women Shine” – or more commonly referred to as Womenomics – … But while womenomics has seen some progress, it has yet to sparkle. Is Womenomics Working? When we first broached the topic of Womenomics and Japan’s need for greater gender diversity in 1999, our argument was not social or cultural, but rather a simple economic one. Header Photo credits: Photographer: Tomohiro Ohsumi/Bloomberg. To prevent a disastrous decline in living standards, the country must double down on its efforts to achieve gender parity and inclusion in all economic sectors. “Womenomics” in Japan: In Brief Congressional Research Service 2 labor participation rate in Japan is the tendency of women to exit the workforce after having children. In what ways is Shinzo Abe’s “Womenomics” initiative working, and in what ways is it failing? The voices of women in business are growing louder in Japan, and Prime Minister Shinzo Abe has thrown his weight behind this with his “womenomics” agenda. Women have long been an untapped economic resource in Japan. Across the developed world, Japan stands out as the country facing the highest risk that demographic trends will cut into future growth. Unless working mothers (and fathers) can realistically combine parenthood and a career, it will be difficult to realise the aims of womenomics. A second issue is the way Japanese companies have interpreted the gauntlet that womenomics targets have laid down. The target is to raise the employment rate in this age bracket from 68% in 2012 to 73% by 2020, and to increase the percentage of women in leadership positions to 30%. When women in Japan have their first child, 70% of them stop working for a decade or more, compared to 30% in the United States.3 In this episode of Exchanges at Goldman Sachs, Kathy Matsui of Goldman Sachs Research discusses the progress that has been made over the last two decades and where challenges still remain.“I believe Womenomics is working in Japan’s context,” Matsui says, though she notes that it remains “a work in progress.” Also, long work hours and men's indifference to housework and child rearing discourage women with children from working in positions of responsibility. He’s pushing policies to encourage and enable women to work and have a family at the same. Since its establishment in December 2012, the Abe administration has been working to increase the employment rate for women age 25–44 and radically change the shape of the curve. Unless working mothers (and fathers) can realistically combine parenthood and a career, it will be difficult to realise the aims of womenomics. 6 Years After Japan Launched Its 'Womenomics' Policy Is It Working? Womenomics is working… but there is still more to do By Kathy Matsui, Hiromi Suzuki and Kazunori Tatebe of Goldman Sachs Since our initial Womenomics report in 1999, Japan now enjoys record female labor participation (71%) that surpasses the US and Europe, generous parental leave benefits, improved gender transparency, and labor reforms. Womenomics in Japan – Is it working?. There’s even a catchy phrase, "womenomics," part of the prime minister’s broader Abenomics plan hatched in 2014 to lift Japan out of decades of economic stagnation. A second issue is the way Japanese companies have interpreted the gauntlet that womenomics targets have laid down.
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