Japan to reduce path to permanent residency from 5 to 1 year
The government rolled out an economic growth strategy in June that calls for Japan to issue green cards to top-level personnel at time frames on a par with the speediest issuing nations.
A narrow class of foreign-born professionals working in Japan will be able to obtain permanent-resident status after just one year as the government seeks to inject fresh blood into the economy and boost productivity.
The government rolled out an economic growth strategy in June that calls for Japan to issue green cards to top-level personnel at time frames on a par with the speediest issuing nations.
The ruling bloc will help formulate new ordinances and guidelines that will be put in place by the end of March 2017.The changes will affect foreign workers designated as highly skilled professionals.
Academic history, work experience and annual income must add up to 70 or more under a points-based system used by the immigration bureau. This yardstick has been in place since April 2015, with 2,688 foreigners deemed highly skilled as of the end of June this year. Chinese nationals make up 65% of that group.
Source: Japan to offer 1-year path to permanent residency- Nikkei Asian Review
Currencies
Thai baht becoming the region’s worst-hit currency in COVID pandemic
According to data from its tourism ministry as well as the World Bank, Thailand had only a little over 34,000 tourist arrivals as of May 2021, compared with over 39 million in 2019, before the pandemic. Fewer tourists also means lower demand for the Thai baht.
The Thai baht has been hit by a sharp decline in tourism numbers due to the COVID pandemic, making the country’s currency the worst-hit in the region this year, according to Mizuho Bank.
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Economics
Asia’s slow rate of vaccination is a thorn in the region’s economic recovery
Southeast Asia has been hit badly. Daily infections for Indonesia, Thailand, Vietnam are at their worst, on a seven-day moving average. The Philippines and Malaysia are not far off their daily infection peaks reached in the second quarter of 2021.
Last week was tough for the Asia-Pacific region. Many countries responded to stubbornly elevated daily infections by extending or tightening social distancing measures.
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