10 Years On: Lehman Collapse Changes Face of Japanese Factories
Tokyo, Sept. 27 (Jiji Press)--Hiroshi Inoue watched many fellow factory owners in Tokyo go bankrupt due to losing orders and funding sources after the 2008 collapse of Lehman Brothers.
"As major companies suspended their production lines, orders stopped coming," recalled Inoue, president of gear pump producer Daito Kogyo Co. in Tokyo's Arakawa Ward.
In the fiscal year through March 2009, a number of major Japanese manufacturers fell into the red.
Viewing new houses built at former factory sites, one business owner said, "The Lehman Shock also altered streetscapes."
In the aftermath, while the Japanese economy was recovering, the global economic deterioration caused by the September 2008 bankruptcy of the U.S. investment bank left a mark with the weakening of small factories, sustainers of Japan's manufacturing industry, as well as foreign workers and nonregular employees.
[Copyright The Jiji Press, Ltd.]