Japan needs to change policy on immigration to boost economy

Spring is the time when Japanese companies recruit college graduates. Students who will graduate this spring in Japan seem to be the happiest people in the world thanks to the best job market in decades. More than 60 percent of the students graduating this year got preliminary job offers in June last year.

Japan had 1.59 jobs for every applicant in January, the highest since 1974. And the unemployment rate stood at 2.8 percent in December, the lowest among developed countries.

Japan, however, has the worst manpower shortage since the early 1970s. According to a survey conducted by Japan's Ministry of Finance, about 71 percent of the more than 1,300 companies said they are undermanned.