William Pesek at Bloomberg:
The World Economic Forum ranks Japan a dismal 101st in gender equality out 135 countries — behind Azerbaijan, Indonesia and China. Not a single Nikkei 225 company is run by a woman. Female participation in politics is negligible, and the male-female wage gap is double the average in Organization for Economic Cooperation and Development countries.
One number explains why Japan must pull women into the job market and help them achieve leadership roles: 15 percent. That’s how much of a boost that gross domestic product would receive if female employment matched men’s (about 80 percent), says Kathy Matsui, the chief Japan equity strategist at Goldman Sachs Group Inc.
“Japan is lagging because it’s running a marathon with one leg,” says Matsui, who has been churning out “Womenomics” reports regularly since 1999. “It must start tapping its most underutilized resource.”
Abe is acting from fiscal necessity, not from a sense of social justice. Japan’s workforce is shrinking as the population ages and the birthrate declines. That might be manageable if not for a public debt more than twice the size of the $5.9 trillion economy. Politically, increasing the number of women workers is an easier sell than opening up Japan to immigrant labor.