The increase of Freeters in the 1990s and 2000s is associated with the subsequent rapid changes that the nation has undergone since the bursting of the economic bubble at the beginning of the 1990s and the increasing neoliberalization of the economy. The almost two decade recession urged companies to change their workforce policies to stay relevant in the global market. Companies halted hiring graduates for permanent employment, rolled back bonuses, incentivized senior employees to retire, and created a strong policy of hiring temporary staff for more flexibility and company savings with over a third of the workforce moving onto contractual work.