Final answer:
The statement is false,
as lifetime employment is not guaranteed for all employees in all private firms in Japan. This system has seen a decline and is not a universal practice.
Step-by-step explanation:
The statement that 'Employees of all private firms in Japan are guaranteed lifetime employment' is false.
While the practice of lifetime employment was more common in Japan during the post-war period, particularly in large corporations, this system has been declining. It is not a guarantee for all employees across all private firms. Japanese firms often exhibit reluctance to fire workers, which could lead to situations where employees might be on reduced hours or have little to do, but they are not universally guaranteed employment for life.
The statement that employees of all private firms in Japan are guaranteed lifetime employment is false.
While it is true that Japanese firms tend to be more reluctant to fire workers than firms in other countries, the guarantee of lifetime employment is not a universal practice.
Some companies in Japan do offer lifetime employment, but it is not a guarantee for all employees in all private firms.