> The downside is that it is extremely hard for new grads with no experience to get their first job in … and Europe compares to USA.
Not sure about Japan or rest of EU, but in Germany, landing a SWE with no prior experience beyond basics(watched some videos on YouTube and wrote some HTML/CSS in notepad) in larger corps is easy. Firing is also simple(2 weeks notice) during first 6 months probation period.