The prototypical keiretsu appeared in Japan during the "economic miracle" following World War II.  The country has since then opted to restart a few of its nuclear reactors. , Japan's central bank has the second largest foreign-exchange reserves after the People's Republic of China, with over one trillion US Dollars in foreign reserves..  After deductions, the majority of workers are free from personal income taxes.  Japan imports large quantities of wheat and soybeans.  All trains are known for punctuality, and a delay of 90 seconds can be considered late for some train services. The Nenko System or Nenko Joretsu, as it is called in Japan, is the Japanese system of promoting an employee based on his or her proximity to retirement.  Over 90% of mandarin oranges in Japan are grown in Japan.  Other industrial centers include the southwestern part of Honshū and northern Shikoku around the Seto Inland Sea (the Setouchi industrial region); and the northern part of Kyūshū (Kitakyūshū). Japan's GDP per sector is as follows: services 71.4%, industry 27.5%, and agriculture 1.2%. , 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 G7 despite being the second largest country in the group, and as of 2013 was one of the least visited countries in the OECD on a per capita basis. In 2012 around 40% of leading Japanese companies had any independent directors while in 2016 most all have begun to appoint independent directors. Japanese Economy | The Japanese Economy contains translations of economic and management material from Japanese sources, primarily scholarly journals and books. By the guidance of Ministry of Economy, Trade and Industry, with average growth rates of 10% in the 1960s, 5% in the 1970s, and 4% in the 1980s, Japan was able to establish and maintain itself as the world's second largest economy from 1978 until 2010, when it was surpassed by the People's Republic of China. These contracts were similar to modern futures trading. The economy of Japan is a highly developed free-market economy.  As of 2017, 51 of the Fortune Global 500 companies are based in Japan, down from 62 in 2013. Japanese adventurers, such as Yamada Nagamasa, were active throughout Asia. 0.2% of … The Portuguese (who were called Nanban, lit. Japan enjoys high technological development in many fields, including consumer electronics, automobile manufacturing, semiconductor manufacturing, optical fibers, optoelectronics, optical media, facsimile and copy machines, and fermentation processes in food and biochemistry. It was densely populated and urbanized.  Japan also had the world's second largest economy by nominal GDP behind the United States, but was eclipsed by China in 2010. The economic history of Japan is most studied for the spectacular social and economic growth in the 1800s after the Meiji Restoration.It became the first non-Western great power, and expanded steadily until its defeat in the Second World War.When Japan recovered from devastation to become the world's second largest economy behind the United States, and from 2010 behind … 1  In September 2013, Japan closed its last 50 nuclear power plants nationwide, causing the nation to be nuclear free. The financial sector is vulnerable to political influence. The unemployment rate hit an over three-year high in August, while consumer confidence remained mired in pessimism, despite improving to its best level … Tokyo Metropolitan Central Wholesale Market is the largest wholesale market for primary products in Japan, including the renowned Tsukiji fish market. Kaizen (改善, Japanese for "improvement") is a Japanese philosophy that focuses on continuous improvement throughout all aspects of life. 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. 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. Some companies have powerful enterprise unions and shuntō. The greatest role of government was to help provide good economic conditions for business.  Former Prime Minister Naoto Kan has called the situation 'urgent'. Industry is concentrated in several regions, with the Kantō region surrounding Tokyo, (the Keihin industrial region) as well as the Kansai region surrounding Osaka (the Hanshin industrial region) and the Tōkai region surrounding Nagoya (the Chūkyō–Tōkai industrial region) the main industrial centers. This vulnerability has been on display in recent years, as its economy experienced periods of recession alongside the slowdown in the global economy. Due to a volatile currency exchange rate, Japan's GDP as measured in dollars fluctuates sharply.  In the year 1999 there was an all-time high in terms of value of deals with almost 220 bil. The tax burden equals 30.6 percent of total domestic income.  Due to this lack of arable land, a system of terraces is used to farm in small areas. Some 250 high-speed Shinkansen trains connect major cities. Reform of the state-owned postal savings system has been delayed. First is government activism in national planning and implementation, with guidance of the largely free economy via sophisticated and powerful monetary and fiscal policies. USD. Property Rights 86.6 Create a Graph using this measurement, Judicial Effectiveness 71.4 Create a Graph using this measurement, Government Integrity 80.5 Create a Graph using this measurement. This video was made possible by our Patreon community! , Japan's asset price bubble collapse in 1991 led to a period of economic stagnation known as the "lost decade", sometimes now extended as the "lost 20 years." Overview: In 2018 Japan was the number 3 economy in the world in terms of GDP (current US$), the number 4 in total exports, the number 5 in total imports, the number 27 economy in terms of GDP per capita (current US$) and the number 1 most complex economy according to the Economic Complexity Index (ECI) ", "World review of fisheries and aquaculture", "World fisheries production, by capture and aquaculture, by country (2010)", National Oceanic and Atmospheric Administration, "UN tribunal halts Japanese tuna over-fishing", "Manufacturing, value added (current US$) | Data", "The era of Japanese consumer electronics giants is dead", "Toyota Again World's Largest Auto Maker", "World Motor Vehicle Production OICA correspondents survey", "Japan's massive rare earth discovery threatens China's supremacy", "National Newspapers Total Circulation 2011", International Federation of Audit Bureaux of Circulations, "Japan govt aims to list Japan Post in three years", "Chinese banks top Forbes Global 2000 list of world's biggest companies", "Record 2013 tourism in Japan despite islands spat, nuclear fallout", "Japan's 10 Most Popular Tourist Attractions", "International tourism, number of arrivals - United States, Japan, Germany, United Kingdom, France, Italy, Canada | Data", "The Countries Where You're Surrounded By Tourists", "International tourism, receipts (current US$) | Data", "China becomes world's third largest stock market", "Japan approves merger of Tokyo and Osaka exchanges", "Tokyo Stock Exchange Tokyo Price Index TOPIX", "Horizons introduces leveraged and inverse MSCI Japan ETFs", "Japan's Jobless Rate Rises to Five-Year High of 5.2% (Update2)", "Japan's Unemployment Rate Drops to Six-Year Low Amid Rising Inflation", "Japan's Biggest Challenge (and It's Not China): A Plummeting Population", "Japan cries 'Help wanted,' but few foreigners heed the call", "Number of Potential Migrants Worldwide Tops 700 Million", "US displacing Japan as No 1 for highest corp taxes", "U.S. corporate tax rate: No. Japan's economy produced $5.6 trillion in 2018, as measured by purchasing power parity. 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. Japan is the world's third largest automobile manufacturing country, has the largest electronics goods industry, and is often ranked among the world's most innovative countries leading several measures of global patent filings. The GDP per capita is $39,286. , About 84% of Japan's energy is imported from other countries.  Its employment rate for the working-age population (15-64) was the highest in the G7. By 1998, Japan's public works projects still could not stimulate demand enough to end the economy's stagnation. Era of population and a downbeat of population growth rate were the obstacles that Japanese Government faces today.  Japan today has the highest ratio of public debt to GDP of any developed nation, with national debt at 236% relative to GDP as of 2017. 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