Japan's labor crunch is leading a growing number of employers to hire older employees. In fact, last year, 40% of Japanese companies hired people aged 70 or more, according to data from the Ministry of Health, Labor and Welfare. Experts attribute the labor shortage to a weakened yen – which has made Japan a less appealing workplace for foreigners and pushed Japanese youth to go abroad for higher-paying jobs – and low labor participation among women who tend to experience gender pay gaps and limited support in advancing their careers. However, Japan isn't alone in encouraging people to work longer. French president Emmanuel Macron, for example, announced plans to increase the nation's retirement age from 62 to 64, and globally, Bain & Company estimated that 150 million more workers aged 55+ will be in the workforce by 2030.