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The Tokyo market for Foreign IT Professional is small and somewhat incestuous – so, this may be a biased sample. Anyway, from talking to IT Headhunters here’s what I believe’s going on:
1- Good people in permie roles are staying put (whether bonus is slashed or pay rise zero.)
2- Those let go are:
- going home.
- taking English conversation teaching jobs (there’s a glut of such teachers here and wages are much, much lower than IT).
- trying to land something in Singapore, Hong Kong or Oz (if they can get in).
Bottom line – yes, to put food on the table, some IT tech peeps are (having to) take whatever is going.
And now with Japan’s export-based economy deep in the dumpster, the likelihood of major hiring (perm employees are expensive here compared to putting someone in India, China, Singapore) is not high this year (at least).
Finally, the Japanese version of QE is going on again as we speak. They’ve been at it for years. Good luck Mervyn King