As shown in Chart 3, the rise in the unemployment rate was particularly pronounced among the young. If new graduates cannot get a good job, they will not receive sufficient vocational training and their human capital will decline, which will eventually lead to lower GDP growth rates.7  Given this, it may be possible to correct past mistakes through accommodative monetary policy.
If the labor market tightens, those who were previously unable to find a job will be able to find one, while those who involuntarily took up employment as non-regular employees can find regular employment; as a result, they will receive sufficient job training and have more job opportunities, labor quality will rise, and productivity will grow.