Economy of Japan

The economy of Japan is one of the most dynamic and booming economy in the world. High amount of western influence together with the governmental policy of
nonintervention was mostly responsible for the significant growth in economy of Japan in

the post second world war period. However it should be mentioned here that the economic boom in Japan lasted only for half a century and Japan began experiencing a significant downfall since the last decade of the 20th century. There are certain factors which had contributed to the exceptional growth of Japanese economy like, almost 100% literacy rate, work ethics, unconquerable technology and cheap fuel.

Some of the sectors of Japanese economy which enjoyed the highest percentage of growth are automobile industry, innovative technological sector, electrical products and domestic items. Within 1950 to 1970 the rise of GDP was from 21% to 56% and in the years after 1985 the economy witnessed a steady downfall. The collapse was termed by media and the economists as the bursting of the 'bubble economy'. However since 1995 some sort of recovery is coming in to the way of Japanese economy though it is still unable to achieve its earlier standards.

Japan is the only country that can boast of being a developed country from the status of a developing country in the post World War period depending on its tremendous growth in economy. At present Japan stands at the second place regarding its market economy in the whole world. The factors that are in work behind this extraordinary development of the economy of Japan are, cooperation between the government and public sector industries, use of high technology, paying tremendous value to work, high rate of savings and some other matters.

The main strength of Japan's economy is its manufacturing industry. But Japan has very few resources of nature. As a result Japan has to buy lot of minerals from other countries. Over decades agriculture and fishery have also become important sources of development for the Japan economy. Labor work force and the several services also contribute largely in strengthening the economy of Japan.

Japan is an island country and many of its islands have mountains and dense forest where transportation system is not much developed. As a result, in Japan there are very few lands that are suitable for farming. Japan imports lots of food grains every year. The main agricultural product of Japan is rice. Japan also has a rich resource of marine products. Fishery industry is very developed in Japan. Regarding fish catch Japan stands second in the whole world just after China. Japan can boast of its fishing fleet that is the largest in the whole world.

In industry related matters Japan has both heavy and small industry together with manufacturing industry. The industries in which Japan uses its technological development very much effectively are optical fibers, optical media, semiconductors, copy machine, industrial robots and many more. Some of Japan’s most familiar industrial areas are Canto region, Tokai region, Kinki region and many others.

After World War Japan had seen many ups and downs in the way of its economic growth. But still it has proved itself to be one of the giants in the open market of today's economy.

Much of Japan’s modern economic success can be traced to two significant periods in its history- the pre-war Meiji Era and the post-war Economic Miracle.

Дата добавления: 2015-10-29