IPC International Community magazine an association member publication
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IPC COMMUNITY 55 FALL 2024 I n the past year, IPC has strengthened its rela- tionships with key Japanese companies and government bodies. This was accomplished, in part, by a visit to Japan this past summer, where members of the IPC Asia team, punctuated by standards committee work last winter, forged stronger ties with government officials and com- panies involved in electronics manufacturing. Economic Recovery and Inflation Challenges in Japan After the pandemic ended, Japan saw a mod- erate economic recovery in 2023 and 2024. GDP growth has remained positive, driven by increased consumer spending and exports. However, rising energy and food prices, along with a weaker yen and stronger dollar, have led to higher living costs. In response, the Bank of Japan, anticipating that it could sustainably achieve its 2% price stability target, raised the zero interest rate for the first time in 17 years and introduced anti-inflationary measures, including an increase in interest rates. The labor market is facing challenges, particu- larly in securing human resources in the service and manufacturing sectors, while upward pres- sure on wages is impacting business operations. Despite these issues, exports are recovering, especially to Asian markets. IPC puts more focus on collaboration, standards development, advanced packaging John W. Mitchell spoke at the Keidanren seminar, June 2024.