To the contrary, current restructuring, though initially having a tendency toward downsizing, has shifted to focus on business content or reengineering, which means the restructuring of production and management systems which have been rendered inefficient. I believe that the restructuring of Japanese firms has truly entered a new phase.
Behind such a change in the focus of restructuring, those in the business world, as in the case of financial institutions, experienced a protracted recession and were faced with a very severe financial environment, particularly from 1997 to 1998.