The demand-supply gap for foreign labor has increased more than twice the previous estimate by JICA in 2022. After JICA researchers updated the data to account for slower economic growth than anticipated in countries that are emigrating such as Vietnam, Myanmar, and Cambodia.

In October last year, the number of foreign workers in Japan increased more than fourfold in the past 15 years to 2.05 million, or about 3% of the total workforce. The Japanese government itself has expanded work visa permits to several blue-collar and skilled sectors, easing public opinion on accepting immigrant labor.

It is known that the Japanese Yen fell to its lowest level in 38 years against the US dollar and reached a record low against the euro on Wednesday, July 3, 2024. Quoting Liputan6.com, the Yen weakened to 161.96 per US dollar for the first time since December 1986. Meanwhile, the US dollar briefly rose 0.1 percent to 161.64, after previously falling to a session low below 161 following weak data.