Economy of Japan
G7 and others | |
Country group | |
---|---|
Statistics | |
Population | 122,631,432 (2024) [3] |
GDP | |
GDP rank | |
GDP growth | |
GDP per capita | |
GDP per capita rank | |
GDP by sector |
|
GDP by component |
|
3.1% | |
Population below poverty line | |
33.9 medium (2015)[10] | |
Labor force | |
Labor force by occupation |
|
Unemployment | |
Average gross salary | ¥429,501 / $3,267.16 monthly processed foods |
External | |
Exports | $717.94 billion (2023)[19] |
Export goods |
|
Main export partners |
|
Imports | $784.06 billion (2023)[19] |
Import goods |
|
Main import partners |
|
FDI stock | |
$58.108 billion (2022)[21] | |
Gross external debt | $4.54 trillion (March 2023)[22] (103.2% of GDP) |
Public finances | |
| |
1.35% of GDP (2022 est.)[21] | |
Revenues | ¥196,214 billion[21] 35.5% of GDP (2022)[21] |
Expenses | ¥239,694 billion[21] 43.4% of GDP (2022)[21] |
Economic aid | donor: ODA, $10.37 billion (2016)[23] |
$1.2 trillion (2023)[27] | |
The Economy of Japan is a
According to the
Japan is the world's
Japan had formerly the second-largest assets and wealth, behind only the United States in both categories, until it was surpassed by China in both assets and wealth.[59][60] Japan also had the world's second-largest economy by nominal GDP behind the United States. In 2010, it was surpassed by China.[61] Japan is the world's 7th largest high-technology exporter.[62] It ranks 3rd in the world by number of patent applications.[63]
Since 1991, the
As of 2021, Japan has significantly higher levels of public debt than any other developed nation at approximately 260% of GDP.[69][70] 45% of this debt is held by the Bank of Japan.[69] Japanese economy faces considerable challenges posed by an aging and declining population, which peaked at 128 million in 2010 and has fallen to 124.3 million as of 2023.[71] Projections show the population will continue to fall, potentially to below 100 million by the middle of the 21st century.[72][73]
Overview
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In the three decades of economic development following 1960, rapid economic growth referred to as the
During the second half of the 1980s, rising stock and real estate prices created an
A
Although many kinds of minerals were extracted throughout the country, most mineral resources had to be imported in the postwar era. Local deposits of metal-bearing ores were difficult to process because they were low grade. The nation's large and varied forest resources, which covered 70 per cent of the country in the late 1980s, were not utilized extensively. Because of political decisions on local, prefectural, and national levels, Japan decided not to exploit its forest resources for economic gain. Domestic sources only supplied between 25 and 30 per cent of the nation's timber needs. Agriculture and fishing were the best-developed resources, but only through years of painstaking investment and toil. The nation, therefore, built up the manufacturing and processing industries to convert raw materials imported from abroad. This strategy of economic development necessitated the establishment of a strong economic infrastructure to provide the needed energy, transportation, communications, and technological know-how.
Deposits of
Compared to other industrialized economies, Japan is characterized by its low levels of exports relative to the size of its GDP. From the period 1970–2018, Japan was either the least or second least export-dependent economy in the
Japan receives exceptionally low levels of foreign investment. Its inward FDI stock was by far the smallest in the G7 as of 2018, and less than those of much smaller economies such as Austria, Poland, and Sweden. Relative to GDP, its ratio of inward FDI stock is one of the lowest in the world.
Japan lags behind other developed countries in labor productivity. From 1970 to 2018 Japan has consistently had the lowest labor productivity in the G7.[77] In 2020, Japan ranked 23rd in labor productivity among OECD nations.[77] A particularity of the Japanese economy are very long-established businesses (shinise), of which some are over a thousand years old and enjoy great prestige.[78] In contrast, startup culture is not as prominent in Japan as elsewhere. As of December 2021, Japan had just 6 i.e. less than 0.64% of world's total unicorn startups. One of the reasons for lagging behind in the startup scene has been the traditional cultural value systems, which conflict with the startup culture.[79]
History
The economic history of Japan is one of the most studied. Major milestones in modern Japan's economic progress include:
- the foundation of the Tokugawa shogunate based in Edo (in 1603), initiating a period of internal economic development
- the Meiji Restoration (in 1868) leading to Japan becoming the first non-European modern world power
- the Japan's defeat in World War II (in 1945), after which the island nation rose to become the world's second-largest economy
First contacts with Europe (16th century)
Japan was considered as a country rich in precious metals, mainly owing to Marco Polo's accounts of gilded temples and palaces, but also due to the relative abundance of surface ores characteristic of a massive huge volcanic country, before large-scale deep-mining became possible in Industrial times. Japan was to become a major exporter of silver, copper, and gold during the period until exports for those minerals were banned.
Early European visitors were amazed by the quality of Japanese craftsmanship and metalsmithing. This stems from the fact that Japan itself is rather rich in natural resources found commonly in Europe, especially iron.
The cargo of the first Portuguese ships (usually about 4 smaller-sized ships every year) arriving in Japan almost entirely consisted of Chinese goods (silk, porcelain). The Japanese were very much looking forward to acquiring such goods, but had been prohibited from any contacts with the Emperor of China, as a punishment for Wakō pirate raids. The Portuguese (who were called Nanban, lit. Southern Barbarians) therefore found the opportunity to act as intermediaries in Asian trade.
Edo period (1603–1868)
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The beginning of the
In order to eradicate the influence of
Economic development during the Edo period included
By the mid-eighteenth century, Edo had a population of more than 1 million and Osaka and Kyoto each had more than 400,000 inhabitants. Many other castle towns grew as well. Osaka and Kyoto became busy trading and handicraft production centers, while Edo was the center for the supply of food and essential urban consumer goods.
Rice was the base of the economy, as the daimyō collected the taxes from the peasants in the form of rice. Taxes were high, about 40% of the harvest. The rice was sold at the
Japan reopened its economy to the West after
Pre-war period (1868–1945)
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Since the mid-19th century, after the Meiji Restoration, the country was opened up to Western commerce and influence and Japan has gone through two periods of economic development. The first began in earnest in 1868 and extended through to World War I;[80] the second began in 1939 and a very rapid economic growth took place till 1973, slowed down a bit but continued till 1991.[81][82]
Economic developments of the
To promote
In the mid-1930s, the Japanese nominal wage rates were "10 times less" than the one of the U.S. (based on mid-1930s exchange rates), while the price level is estimated to have been about 44% the one of the U.S.[85]
The size and industrial structure of cities in Japan have maintained tight regularities despite substantial churning of population and industries across cities overtime.[86]
Post-war period (1945–1989)
Government control and influence over businesses is more widespread than most other countries.[87] Instead of taking legislation action, their control is exercised through constant consultation with businesses and through the government's deep involvement in banking.[87]
From the 1960s to the 1980s, overall real economic growth was extremely large: a 10% average in the 1960s, a 5% average in the 1970s and a 4% average in the 1980s. By the end of said period, Japan had moved into being a high-wage economy.[88]
Heisei period (1989–2019)
Growth slowed markedly in the late 1990s also termed the
By 1998, Japan's public works projects still could not stimulate demand enough to end the economy's stagnation. In desperation, the Japanese government undertook "structural reform" policies intended to wring speculative excesses from the stock and real estate markets. Unfortunately, these policies led Japan into deflation on numerous occasions between 1999 and 2004. The Bank of Japan used quantitative easing to expand the country's money supply in order to raise expectations of inflation and spur economic growth. Initially, the policy failed to induce any growth, but it eventually began to affect inflationary expectations. By late 2005, the economy finally began what seems to be a sustained recovery. GDP growth for that year was 2.8%, with an annualized fourth quarter expansion of 5.5%, surpassing the growth rates of the US and European Union during the same period.[89] Unlike previous recovery trends, domestic consumption has been the dominant factor of growth.
Despite having interest rates down near zero for a long period of time, the quantitative easing strategy did not succeed in stopping price deflation.[90] This led some economists, such as Paul Krugman, and some Japanese politicians, to advocate the generation of higher inflation expectations.[91] In July 2006, the zero-rate policy was ended. In 2008, the Japanese Central Bank still had the lowest interest rates in the developed world, but deflation had still not been eliminated[92] and the Nikkei 225 has fallen over approximately 50% (between June 2007 and December 2008). However, on 5 April 2013, the Bank of Japan announced that it would be purchasing 60–70 trillion yen in bonds and securities in an attempt to eliminate deflation by doubling the money supply in Japan over the course of two years. Markets around the world have responded positively to the government's current proactive policies, with the Nikkei 225 adding more than 42% since November 2012.[93] The Economist has suggested that improvements to bankruptcy law, land transfer law, and tax laws will aid Japan's economy. In recent years, Japan has been the top export market for almost 15 trading nations worldwide.
In December 2018, a
Reiwa period (2020–present)
2020–21 recession
In early January 2020, Japanese economy began to suffer from the COVID-19 pandemic. In early April, Japanese Prime Minister Shinzo Abe announced a state of emergency,[95] giving the nation its worst economic crisis since the end of World War II.[96] Jun Saito of the Japan Center for Economic Research stated that the pandemic delivered the "final blow" to Japan's long fledging economy, which had resumed slow growth in 2018.[97] Less than a quarter of Japanese people expect living conditions to improve in the coming decades.[98]
In October 2020 during the pandemic, Japan and the United Kingdom formally signed the first free-trade agreement post-Brexit, which will boost trade by approximately £15.2 billion. It enables tariff-free trade on 99% of exports to Japan.[99][100]
On 15 February 2021, the Nikkei average breached the 30k benchmark, the highest since November 1991.[101] It was due to strong corporate earnings, GDP data and optimism over the COVID-19 vaccination program in the country.[101]
In the year ending of March 2021 despite COVID-19 spreading, SoftBank Group made a record net profit of 45.88 billion, which was largely due to the debut of e-commerce company Coupang.[102] However, this was the largest annual profit by a Japanese company in the nation's history.
As a result, Japanese economic impact of COVID-19 was officially ended by early October 2021, ahead of the
Post-recession (2021–present)
This article needs to be updated.(February 2024) |
At the end of March 2022, the Ministry of Finance announced that the national debt reached precisely 1.017 million billion yen.[103] The total public debt of the country, which includes debts contracted by local governments, represents 1.210 million billion yen (9,200 billion dollars) which is nearly 250% of Japan's GDP.[103] Economist Kohei Iwahara said such an exceptional debt to GDP level is only possible because Japanese hold most of the debt: "“Japanese households hold most of their savings in bank accounts (48%) and these sums are used by commercial banks to buy Japanese government bonds. Thus, 85.7% of these bonds are held by Japanese investors.”[103] However, an aging population could decrease savings.[103]
By April 2024, the yen had weakened for the first time in 34 years in nominal effective exchange rates and for the first time in real effective exchange rates since statistics began. The
Japan's annual exports grew much-less than expected in June 2023, highlighting weak Chinese and Western demand that continues to undercut the post-COVID recovery in the world's fourth-largest economy (surpassed by Germany).[107]
Infrastructure
In 2018, Japan ranked 5th overall in the World Bank's Logistics Performance Index,[108] and 2nd in the infrastructure category.[109]
In 2005, one half of Japan's energy was produced from petroleum, a fifth from coal, and 14% from natural gas.
Japan's spendings on roads has been considered large.
There are 98 passenger and 175 total
About 84% of Japan's energy is imported from other countries.
Macro-economic trend
This is a chart of trend of gross domestic product of Japan at market prices estimated by the International Monetary Fund with figures in millions of Japanese Yen.[142] See also:[143][144]
Year | Gross domestic product | US dollar exchange | Price index (2000=100) |
Nominal per-capita GDP (as % of US) |
PPP capita GDP (as % of US) |
---|---|---|---|---|---|
1955 | 8,369,500 | ¥360.00 | 10.31 | – | |
1960 | 16,009,700 | ¥360.00 | 16.22 | – | |
1965 | 32,866,000 | ¥360.00 | 24.95 | – | |
1970 | 73,344,900 | ¥360.00 | 38.56 | – | |
1975 | 148,327,100 | ¥297.26 | 59.00 | – | |
1980 | 240,707,315 | ¥225.82 | 100 | 105.85 | 71.87 |
2005 | 502,905,400 | ¥110.01 | 97 | 85.04 | 71.03 |
2010 | 477,327,134 | ¥88.54 | 98 | 89.8 | 71.49 |
For purchasing power parity comparisons, the US dollar was exchanged at ¥109 in 2010.[145]
GDP composition
Industries by GDP value-added 2012.[146] Values are converted using the exchange rate on 13 April 2013.[147]
Industry |
GDP value-added billions 2018 | % of total GDP |
---|---|---|
Other service activities | 1,238 | 23.5% |
Manufacturing | 947 | 18.0% |
Real estate | 697 | 13.2% |
Wholesale and retail trade |
660 | 12.5% |
Transport and communication | 358 | 6.8% |
Public administration | 329 | 6.2% |
Construction | 327 | 6.2% |
Finance and insurance | 306 | 5.8% |
Electricity, gas and water supply | 179 | 3.4% |
Government service activities | 41 | 0.7% |
Mining | 3 | 0.1% |
Total | 5,268 | 100% |
Development of main indicators
The following table shows the main economic indicators in 1980–2021 (with IMF staff estimates in 2022–2027). Inflation under 5% is in green.[148]
Year | GDP
(in Bil. US$PPP) |
GDP per capita
(in US$ PPP) |
GDP
(in Bil. US$nominal) |
GDP per capita
(in US$ nominal) |
GDP growth
(real) |
Inflation rate
(in Per cent) |
Unemployment
(in Per cent) |
Government debt
(in % of GDP) |
---|---|---|---|---|---|---|---|---|
1980 | 1,068.1 | 9,147.0 | 1,127.9 | 9,659.0 | 3.2% | 7.8% | 2.0% | 47.8% |
1981 | 1,218.4 | 10,358.1 | 1,243.8 | 10,574.4 | 4.2% | 4.9% | 2.2% | 52.9% |
1982 | 1,336.5 | 11,283.0 | 1,157.6 | 9,772.8 | 3.3% | 2.8% | 2.4% | 57.8% |
1983 | 1,437.8 | 12,054.5 | 1,268.6 | 10,636.5 | 3.5% | 1.9% | 2.7% | 63.6% |
1984 | 1,556.7 | 12,967.1 | 1,345.2 | 11,205.4 | 4.5% | 2.3% | 2.7% | 65.6% |
1985 | 1,690.0 | 13,989.8 | 1,427.4 | 11,815.8 | 5.2% | 2.0% | 2.6% | 68.3% |
1986 | 1,781.4 | 14,667.9 | 2,121.3 | 17,466.7 | 3.3% | 0.6% | 2.8% | 74.0% |
1987 | 1,911.8 | 15,666.3 | 2,584.3 | 21,177.8 | 4.7% | 0.1% | 2.9% | 75.7% |
1988 | 2,113.5 | 17,246.0 | 3,134.2 | 25,575.1 | 6.8% | 0.7% | 2.5% | 71.8% |
1989 | 2,303.0 | 18,719.6 | 3,117.1 | 25,336.2 | 4.9% | 2.3% | 2.3% | 65.5% |
1990 | 2,506.1 | 20,302.7 | 3,196.6 | 25,896.0 | 4.9% | 3.1% | 2.1% | 63.0% |
1991 | 2,679.4 | 21,620.8 | 3,657.3 | 29,511.8 | 3.4% | 3.3% | 2.1% | 62.2% |
1992 | 2,763.7 | 22,222.4 | 3,988.3 | 32,069.1 | 0.8% | 1.7% | 2.2% | 66.6% |
1993 | 2,814.6 | 22,558.2 | 4,544.8 | 36,425.2 | -0.5% | 1.3% | 2.5% | 72.7% |
1994 | 2,899.9 | 23,177.4 | 4,998.8 | 39,953.2 | 0.9% | 0.7% | 2.9% | 84.4% |
1995 | 3,038.6 | 24,224.0 | 5,545.6 | 44,210.2 | 2.6% | -0.1% | 3.2% | 92.5% |
1996 | 3,191.2 | 25,385.0 | 4,923.4 | 39,164.3 | 3.1% | 0.1% | 3.4% | 98.1% |
1997 | 3,278.1 | 26,014.1 | 4,492.4 | 35,651.3 | 1.0% | 1.7% | 3.4% | 105.0% |
1998 | 3,272.8 | 25,903.3 | 4,098.4 | 32,436.9 | -1.3% | 0.7% | 4.1% | 116.0% |
1999 | 3,307.9 | 26,131.3 | 4,636.0 | 36,622.9 | -0.3% | -0.3% | 4.7% | 129.5% |
2000 | 3,476.3 | 27,409.2 | 4,968.4 | 39,173.0 | 2.8% | -0.7% | 4.7% | 135.6% |
2001 | 3,568.4 | 28,068.3 | 4,374.7 | 34,410.7 | 0.4% | -0.7% | 5.0% | 145.1% |
2002 | 3,625.5 | 28,457.7 | 4,182.8 | 32,832.3 | 0.0% | -0.9% | 5.4% | 154.1% |
2003 | 3,753.8 | 29,410.9 | 4,519.6 | 35,410.2 | 1.5% | -0.3% | 5.2% | 160.0% |
2004 | 3,938.9 | 30,836.4 | 4,893.1 | 38,307.1 | 2.2% | 0.0% | 4.7% | 169.5% |
2005 | 4,135.7 | 32,372.7 | 4,831.5 | 37,819.1 | 1.8% | -0.3% | 4.4% | 174.3% |
2006 | 4,321.8 | 33,831.1 | 4,601.7 | 36,021.9 | 1.4% | 0.3% | 4.1% | 174.0% |
2007 | 4,504.5 | 35,257.9 | 4,579.7 | 35,847.2 | 1.5% | 0.0% | 3.8% | 172.8% |
2008 | 4,534.6 | 35,512.2 | 5,106.7 | 39,992.1 | -1.2% | 1.4% | 4.0% | 180.7% |
2009 | 4,303.9 | 33,742.5 | 5,289.5 | 41,469.8 | -5.7% | -1.3% | 5.1% | 198.7% |
2010 | 4,534.1 | 35,535.2 | 5,759.1 | 45,135.8 | 4.1% | -0.7% | 5.1% | 205.7% |
2011 | 4,629.4 | 36,215.1 | 6,233.1 | 48,760.9 | 0.0% | -0.3% | 4.6% | 219.1% |
2012 | 4,799.6 | 37,628.8 | 6,272.4 | 49,175.1 | 1.4% | 0.0% | 4.3% | 226.1% |
2013 | 5,021.6 | 39,436.8 | 5,212.3 | 40,934.8 | 2.0% | 0.3% | 4.0% | 229.6% |
2014 | 5,034.5 | 39,604.1 | 4,897.0 | 38,522.8 | 0.3% | 2.8% | 3.6% | 233.5% |
2015 | 5,200.9 | 40,959.3 | 4,444.9 | 35,005.7 | 1.6% | 0.8% | 3.4% | 228.4% |
2016 | 5,159.7 | 40,640.5 | 5,003.7 | 39,411.4 | 0.8% | -0.1% | 3.1% | 232.5% |
2017 | 5,248.4 | 41,409.0 | 4,930.8 | 38,903.3 | 1.7% | 0.5% | 2.8% | 231.4% |
2018 | 5,408.4 | 42,755.4 | 5,040.9 | 39,850.4 | 0.6% | 1.0% | 2.4% | 232.3% |
2019 | 5,485.4 | 43,459.1 | 5,120.3 | 40,566.3 | -0.4% | 0.5% | 2.4% | 236.3% |
2020 | 5,295.1 | 42,075.4 | 5,031.6 | 39,981.5 | -4.6% | 0.0% | 2.8% | 259.4% |
2021 | 5,682.9 | 45,279.3 | 5,011.9 | 39,933.0 | 1.7% | -0.2% | 2.8% | 262.5% |
2022 | 6,110.0 | 49,089.5 | 4,237.5 | 33,853.8 | 1.7% | 2.5% | 2.6% | 263.9% |
2023 | 6,495.2 | 52,119.6 | 4,365.9 | 33,949.7 | 1.6% | 3.2% | 2.4% | 261.1% |
2024 | 6,652.7 | 53,633.3 | 4,568.7 | 36,832.8 | 1.3% | 1.0% | 2.4% | 260.3% |
2025 | 6,839.5 | 55,411.7 | 4,811.6 | 38,982.7 | 0.9% | 1.0% | 2.4% | 260.7% |
2026 | 7,002.5 | 57,025.8 | 5,010.0 | 40,799.8 | 0.5% | 1.0% | 2.4% | 262.0% |
2027 | 7,167.5 | 58,684.7 | 5,172.1 | 42,347.0 | 0.4% | 1.0% | 2.4% | 263.4% |
Sectors of the economy
Agriculture
The Japanese agricultural sector accounts for about 1.1% (2017) of the total country's GDP.[149] Only 12% of Japan's land is suitable for cultivation.[150][151] Due to this lack of arable land, a system of terraces is used to farm in small areas.[152] This results in one of the world's highest levels of crop yields per unit area, with an overall agricultural self-sufficiency rate of about 50% on fewer than 56,000 km2 (14 million acres) cultivated.
Japan's small agricultural sector, however, is also highly subsidized and protected, with government regulations that favor small-scale cultivation instead of large-scale agriculture as practiced in North America.[150] There has been a growing concern about farming as the current farmers are aging with a difficult time finding successors.[153]
Rice accounts for almost all of Japan's cereal production.[154] Japan is the second-largest agricultural product importer in the world.[154] Rice, the most protected crop, is subject to tariffs of 777.7%.[151][155]
Although Japan is usually self-sufficient in rice (except for its use in making rice crackers and processed foods) and wheat, the country must import about 50% of its requirements of other grain and fodder crops and relies on imports for half of its supply of meat.[156][157] Japan imports large quantities of wheat and soybeans.[154] Japan is the 5th largest market for the European Union's agricultural exports.[158][needs update] Over 90% of mandarin oranges in Japan are grown in Japan.[157] Apples are also grown due to restrictions on apple imports.[159]
Fishery
Japan ranked fourth in the world in 1996 in tonnage of fish caught.[160] Japan captured 4,074,580 metric tons of fish in 2005, down from 4,987,703 tons in 2000, 9,558,615 tons in 1990, 9,864,422 tons in 1980, 8,520,397 tons in 1970, 5,583,796 tons in 1960 and 2,881,855 tons in 1950.[161] In 2003, the total aquaculture production was predicted at 1,301,437 tonnes.[162] In 2010, Japan's total fisheries production was 4,762,469 fish.[163] Offshore fisheries accounted for an average of 50% of the nation's total fish catches in the late 1980s although they experienced repeated ups and downs during that period.
Coastal fishing by small boats, set nets, or breeding techniques accounts for about one third of the industry's total production, while offshore fishing by medium-sized boats makes up for more than half the total production. Deep-sea fishing from larger vessels makes up the rest. Among the many species of seafood caught are sardines,
Japan maintains one of the world's largest fishing fleets and accounts for nearly 15% of the global catch,[166] prompting some claims that Japan's fishing is leading to depletion in fish stocks such as tuna.[167] Japan has also sparked controversy by supporting quasi-commercial whaling.[168]
Industry
Japanese manufacturing and industry is very diversified, with a variety of advanced industries that are highly successful. Industry accounts for 30.1% (2017) of the nation's GDP.[149] The country's manufacturing output is the third highest in the world.[169]
Industry is concentrated in several regions, with the
Japan enjoys high technological development in many fields, including
Automobile manufacturing
Japan is the third biggest producer of automobiles in the world.[43] Toyota is currently the world's largest car maker, and the Japanese car makers Nissan, Honda, Suzuki, and Mazda also count for some of the largest car makers in the world.[172][173] By number, Japan is the world's largest exporter of cars as of 2021.[174]
Mining and petroleum exploration
Japan's mining production has been minimal, and Japan has very little mining deposits.[175][176] However, massive deposits of rare earths have been found off the coast of Japan.[177] In the 2011 fiscal year, the domestic yield of crude oil was 820 thousand kiloliters, which was 0.4% of Japan's total crude processing volume.[178]
In 2019, Japan was the 2nd largest world producer of iodine,[179] 4th largest worldwide producer of bismuth,[180] the world's 9th largest producer of sulfur[181] and the 10th largest producer of gypsum.[182]
Services
Japan's service sector accounts for 68.7% (2017) of its total economic output.
Tourism
In 2012, Japan was the fifth most visited country in Asia and the Pacific, with over 8.3 million tourists.
Japan's economy is less dependent on international tourism than those of other G7 countries and OECD countries in general; from 1995 to 2014, it was by far the least visited country in the
Finance
The
Labor force
The unemployment rate in December 2013 was 3.7%, down 1.5 percentage points from the claimed unemployment rate of 5.2% in June 2009 due to the strong economic recovery.[207][208][209]
In 2008 Japan's labor force consisted of some 66 million workers—40% of whom were women—and was rapidly shrinking.[210] One major long-term concern for the Japanese labor force is its low birthrate.[211] In 2005, the number of deaths in Japan exceeded the number of births, indicating that the decline in population had already started.[212] While one countermeasure for a declining birthrate would be to increase immigration, Japan has struggled to attract potential migrants despite immigration laws being relatively lenient (especially for high-skilled workers) compared to other developed countries.[213] This is also apparent when looking at Japan's work visa programme for "specified skilled worker", which had less than 3,000 applicants, despite an annual goal of attracting 40,000 overseas workers, suggesting Japan faces major challenges in attracting migrants compared to other developed countries regardless of its immigration policies.[214] A Gallup poll found that few potential migrants wished to migrate to Japan compared to other G7 countries, consistent with the country's low migrant inflow.[215][216]
In 1989, the predominantly public sector union confederation, SOHYO (General Council of Trade Unions of Japan), merged with RENGO (Japanese Private Sector Trade Union Confederation) to form the Japanese Trade Union Confederation. Labor union membership is about 12 million.
As of 2019 Japan's unemployment rate was the lowest in the G7.[217] Its employment rate for the working-age population (15–64) was the highest in the G7.[218]
Law and government
Japan ranks 27th of 185 countries in the ease of doing business index 2013.[219]
In 2016, the IMF encouraged Japan to adopt an income policy that pushes firms to raise employee wages in combination with reforms to tackle the labor market dual tiered employment system to drive higher wages, on top of monetary and fiscal stimulus. Shinzo Abe has encouraged firms to raise wages by at least three per cent annually (the inflation target plus average productivity growth).[226][227][228]
The government's liabilities include
Japan's central bank has
Culture
Our expansion could be much bigger and quicker, but we are held back. Nowhere in the world do the [regulatory approvals] take so long. (The process is) old fashioned. — Tony Fernandes, AirAsia chief.[236]
Overview
Nemawashi (根回し), or "consensus building", in Japanese culture is an informal process of quietly laying the foundation for some proposed change or project, by talking to the people concerned, gathering support and feedback, and so forth. It is considered an important element in any major change, before any formal steps are taken, and successful nemawashi enables changes to be carried out with the consent of all sides.
Japanese companies are known for management methods such as "The Toyota Way". Kaizen (改善, Japanese for "improvement") is a Japanese philosophy that focuses on continuous improvement throughout all aspects of life. When applied to the workplace, Kaizen activities continually improve all functions of a business, from manufacturing to management and from the CEO to the assembly line workers.[237] By improving standardized activities and processes, Kaizen aims to eliminate waste (see Lean manufacturing). Kaizen was first implemented in several Japanese businesses during the country's recovery after World War II, including Toyota, and has since spread to businesses throughout the world.[238] Within certain value systems, it is ironic that Japanese workers labor amongst the most hours per day, even though kaizen is supposed to improve all aspects of life. According to the OECD, annual hours worked per employee is below the OECD average and in the middle among G7 countries.[239]
Some companies have powerful enterprise unions and
Relationships between government bureaucrats and companies are often close.
An
The first "Western-style"
Keiretsu
A
The major keiretsu were each centered on one bank, which lent money to the keiretsu's member companies and held equity positions in the companies. Each central bank had great control over the companies in the keiretsu and acted as a monitoring entity and as an emergency bail-out entity. One effect of this structure was to minimize the presence of
There are two types of keiretsu: vertical and horizontal. Vertical keiretsu illustrates the organization and relationships within a company (for example all factors of production of a certain product are connected), while a horizontal keiretsu shows relationships between entities and industries, normally centered on a bank and trading company. Both are complexly woven together and sustain each other.[246]
The Japanese recession in the 1990s had profound effects on the keiretsu. Many of the largest banks were hit hard by bad loan portfolios and forced to merge or go out of business. This had the effect of blurring the lines between the keiretsu:
Generally, these causes gave rise to a strong notion in the business community that the old keiretsu system was not an effective business model, and led to an overall loosening of keiretsu alliances. While the keiretsu still exist, they are not as centralized or integrated as they were before the 1990s. This, in turn, has led to a growing
Mergers and acquisitions
Japanese companies have been involved in 50,759 deals between 1985 and 2018. This cumulates to a total value of 2,636 bil. USD which translates to 281,469.9 bil. YEN.[247] In the year 1999 there was an all-time high in terms of value of deals with almost 220 bil. USD. The most active year so far was 2017 with over 3,150 deals, but only a total value of 114 bil. USD (see graph "M&A in Japan by number and value").[citation needed]
Here is a list of the most important deals (ranked by value in bil. USD) in Japanese history:[citation needed]
Date announced | Acquiror name | Acquiror mid industry | Acquiror state | Target name | Target mid industry | Target state | Value of transaction ($mil) |
13 October 1999 | Sumitomo Bank Ltd | Banks | Japan | Sakura Bank Ltd | Banks | Japan | 45,494.36 |
18 February 2005 | Mitsubishi Tokyo Financial Grp | Banks | Japan | UFJ Holdings Inc | Banks | Japan | 41,431.03 |
20 August 1999 | Fuji Bank Ltd | Banks | Japan | Dai-Ichi Kangyo Bank Ltd | Banks | Japan | 40,096.63 |
27 March 1995 | Mitsubishi Bank Ltd | Banks | Japan | Bank of Tokyo Ltd | Banks | Japan | 33,787.73 |
18 July 2016 | SoftBank Group Corp | Wireless | Japan | ARM Holdings PLC | Semiconductors | United Kingdom | 31,879.49 |
20 August 1999 | Fuji Bank Ltd | Banks | Japan | Industrial Bank of Japan Ltd | Banks | Japan | 30,759.61 |
24 August 2004 | Sumitomo Mitsui Finl Grp Inc | Banks | Japan | UFJ Holdings Inc | Banks | Japan | 29,261.48 |
28 August 1989 | Mitsui Taiyo Kobe Bank Ltd | Banks | Japan | Taiyo Kobe Bank Ltd | Banks | Japan | 23,016.80 |
15 October 2012 | SoftBank Corp | Wireless | Japan | Sprint Nextel Corp | Telecommunications Services | United States | 21,640.00 |
20 September 2017 | KK Pangea | Other Financials | Japan | Toshiba Memory Corp | Semiconductors | Japan | 17,930.00 |
Among the top 50 deals by value, 92% of the time the acquiring nation is Japan. Foreign direct investment is playing a much smaller role than national M&A in Japan.
Other economic indicators
This article needs to be updated. The reason given is: the indicators are 10 years old and unsupported by citation as well.(February 2019) |
Net international investment position: 266,223 / billion[249] (1st)[250]
Industrial production growth rate: 7.5% (2010 est.)
Investment (gross fixed): 20.3% of GDP (2010 est.)
Household income or consumption by percentage share:
- Lowest 10%: 4.8%
- Highest 10%: 21.7% (1993)
Agriculture products: rice, sugar beets, vegetables, fruit, pork, poultry, dairy products, eggs, fish
Export commodities: machinery and equipment, motor vehicles, semiconductors, chemicals[251]
Import commodities: machinery and equipment, fuels, foodstuffs, chemicals, textiles, raw materials (2001)
Japanese Yen per US$1 – 88.67 (2010), 93.57 (2009), 103.58 (2008), 117.99 (2007), 116.18 (2006), 109.69 (2005), 115.93 (2003), 125.39 (2002), 121.53 (2001), 105.16 (January 2000), 113.91 (1999), 130.91 (1998), 120.99 (1997), 108.78 (1996), 94.06 (1995)
Electricity:
- Electricity – consumption: 925.5 billion kWh(2008)
- Electricity – production: 957.9 billion kWh (2008 est.)
- Electricity – exports: 0 kWh (2008)
- Electricity – imports: 0 kWh (2008)
Electricity production by source:
- Fossil Fuel: 69.7%
- Hydro: 7.3%
- Nuclear: 22.5%
- Other: 0.5% (2008)
Electricity standards:
- 100 ) Northward;
- 100 voltsat 60 Hz Southward
Oil:
- production: 132,700 bbl/d (21,100 m3/d) (2009) (46th)
- consumption: 4,363,000 bbl/d (693,700 m3/d) (2009) (3rd)
- exports: 380,900 barrels per day (60,560 m3/d) (2008) (64th)
- imports: 5,033,000 barrels per day (800,200 m3/d) (2008) (2nd)
- net imports: 4,620,000 barrels per day (735,000 m3/d) (2008 est.)
- proved reserves: 44,120,000 bbl (7,015,000 m3) (1 January 2010 est.)
See also
- Economic history of Japan
- Economic relations of Japan
- List of exports of Japan
- List of countries by leading trade partners
- List of the largest trading partners of Japan
- List of largest Japanese companies
- Japan External Trade Organization
- Tokugawa coinage
- Tourism in Japan
- Japanese post-war economic miracle
- Japanese asset price bubble
- Machine orders, an economic indicator specific to the Japanese economy
- Quantitative easing
- Loans in Japan
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