The Japanese Economy

Despite its small size, Japan is a major economic power in the modern world, it currently has the 3rd largest economy in the entire world on trailing behind only The USA and The Peoples Republic of China.

Japan has some cultural philosophies that they apply to their economy and that could possibly be a reason for much of their success in the economic sector.

For instance they have a principle called "Nemawashi" which is where before making any major change in business you gather the support and input from all those involved whether it be a manager or a low level employee, by doing this you gain their support and it makes the change that much easier. This adaptability helps them to stay competitive in the world market.

Japan does not have much suitable land for agriculture but the land that they do use has a very high yield and most of it stays in country. Its main crop is rice and it is heavily subsidized so that they are self sufficient and there are high tariffs on any rice imported to decrease competition in the market.

Japan's largest imports are raw materials for production as well as oil to fuel their machinery and vehicles. Another major import that can not be forgotten is the foodstuffs that they import, things such as meat and wheat which are vital because of Japan's lack of suitable agricultural land. Japan's largest import partners are The United States and The People Republic of China.

The main power behind Japan's economy is its manufacturing industry. They are world renown for being at the forefront in certain industries technologically. The areas where they enjoy the most success are:

-Consumer electronics (Televisions, Mp3 players, DVD players)
-Automobile Manufacturing
-Semiconductor Manufacturing
-Optical Fibers
-Optical media
-Copy Machines

In order to support this large manufacturing industry Japan has focused on maintaining its infrastructure by pumping money into the amount of roads they have and by investing power in alternative means of energy so that it does not depend on foreign fossil fuels as much. Japan also has a very effcient high speed train industry that is famous for being nearly always on time.

Japan also exports a great deal of things as well but by far its too largest exports are automobiles and consumer electronics. Japanese automobiles are sold worldwide and are famous for being reliable and having low cost. Japan's largest export parters are also The United States and The Peoples Republic of China.

Japan has one of the worlds largest economies and is able to do so with its mastery of manufacturing and an investment infrastructure that is unparalleled and all signs point to continued success for them in these markets in the future.

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tuesday, june 25. 2024 - (week 26)
last visit: European Union Gateway Mission | Facts about Japan | The Japanese Economy | Business Traditions in Japan | EU companies business cooperation with Japan
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