Small firms dying out in ageing Japan

Watanabe holds a box of chalks at the office where he used to run his chalk-making business before closing down last year — Reuters.

JAPAN’S small firms, many of which are “mom-and-pop” operations, are dying out as their ageing owners struggle to find successors, in another sign that a fast-ageing population is taking its toll on the world’s third-largest economy.

Prime Minister Shinzo Abe has targeted more business startups as a crucial part of regenerating activity, but the impact has been minimal so far, with the number of small firms that are closing their doors at a near-record high.