Will Japan lose top talent to Singapore, Hong Kong, London over weak yen and lower pay?

Japan is seeking to lure highly-skilled engineers, researchers and managers earning over US$149,000 as the global race for talent heats up

While the lifestyle is a draw, recruiters say factors such as the weak currency and inflexible visa rules may lead Japan to lose out to other cities

3-MIN READ3-MIN

Japan is joining the global talent race. Photo: Bloomberg

Published: 8:30am, 21 Feb 2023

Japan is joining the global hunt for talent as it banks on its stability and lifestyle to lure top technical candidates, but while the country remains a draw, recruiters said hurdles remain that give cities such as Singapore and New York an edge.

Prime Minister Fumio Kishida’s government is set to roll out a new visa to entice foreign applicants for roles related to technology and innovation. Those with “highly-skilled professional” residence status will be allowed to bring their families under the scheme, which is expected to be launched in April.

The Japanese government currently grants a five-year professional visa on a points system based on academic and employment backgrounds and annual income, but it has been described as complex, especially as the global race to acquire skilled workers heats up.

The new visa is designed to attract foreign engineers and researchers with an annual income of at least 20 million yen (US$149,000), as well as senior managers for international corporations with at least five years of experience and earning more than 40 million yen a year.

Mark Welch, a spokesman for global recruitment specialists Robert Walters Japan KK, said the country’s stability was a pull factor for professionals.