If a group of people are laid off, in Japanese culture that reflects very poorly on the company, suggesting that management was irresponsible to lead the company into this situation.
I mean, that's the actual truth. All these tech layoffs are just happening because Executive Leadership Teams copy each other. A few years ago they were all hiring at the same time too.
You should hire when others are firing so you get the best employees. You should hold off on hiring when everyone else is hiring, so you don't overpay. It's pretty simple.