...Japan: Overview of Economics | Angie Kovachik | BU-501 Economics | | Introduction Japan has had its struggles in the past and even more recent years with economics. Many factors and issues that Japan faces have come into play, therefore affecting their economy. Over the past 70 some years, Japan has however developed into an advanced and rich economy. Japan has a mixed economy that is made up of both private ownership and governmental intervention, including the MITI’s guide of national resources to meet commercial pursuits and the use of keiretsus provide goods and services to end users (Luthans & Doh, 2015). The keiretsu uses a close interlocking structure between manufacturers, suppliers, and distributors. Another characteristic that has helped Japan since the post-World War II era is the guarantee of lifetime employment for a large part of the urban labor force. However, more recently we have seen Japan’s economy slow in growth and corrode because of global factors and the demographic crisis they are experiencing (CIA, 2016). The economy has tumbled into a recession four times since 2008, but did rebound because of government stimulus. The massive earthquake and tsunami that devastated the country in 2011 was hard hitting to Japan in many ways and rippled through the economy that year and the following year. The country saw an upward growth in 2013 due to the Prime Minister, Shinzo Abe’s, “Three Arrows” economic reform. The Three Arrows included monetary...
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...In the following paper I will be examining the process of economic development in Japan. I begin with their history in the Meiji period and how that effected their great success in the postwar development. Then I will go through the different economic stages of economic development in postwar Japan. I will examine the high periods and low period in Japan economics, and the factors behind these shifts in development. Last I will give a conclusion and where I believe Japan economy will be in the future. To understand Japan economic boom after the war you must also look at there history. Without the creation of the industrial economy during the Meiji Japan this economic growth after postwar could have not happened. To look even closer lets examine the period before called the Tokugawa period, from 1630's until the 1860's. Smith explains that "during this period Japanese economy experienced unparalleled growth and structural change" (Smith, Page 4). The system was set up on rules and obligations on all sections of society. These systems of control helped rapid urbanization. Education is also a factor in the economic development in Tokugawa period. Tokugawa Japan abapted Confucianism belief system from there neighbors China. This became important because "one of the distinctive traits of Confucianism was reverence for education and learning" (Smith, Page 5). This spread of education was dramatic. Not Macdonnell, 2 Only did the knowledge seep...
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...Economic and Trade Relations of China and Japan China contains more than 5,000 years of history. This remarkably long past earns china the title of the oldest civilization in the world. The country possesses the largest population of 1.344 billion and a Gross Domestic Product (GDP) of $7.318 trillion in U.S. dollars ("World bank, china," 2011). Although China has an extremely high GDP, the extremely large population is a problem since they cannot provide enough resources for the entire population. This makes it imperative for China to trade and have relations with the world around them and participate in the global economy. That being said, with there incredibly dense population, they have a labor force of 795.5 million which allow them to be very large competition for the rest of the world. Since the 1970s, China has evolved from a closed, central system to a market-orientated system that makes China the world's largest exporter. This was accomplished by the gradual liberalization of prices, fiscal decentralization, creation of a diversified banking system, the growth of stock markets, the opening to foreign trade and investment, rapid growth of private sectors, and the decrease in collective agriculture ("Index mundi: China," 2012). In the more recent years, China has once again brought back their support for state-owned enterprises (SOE) for the purposes of economic security. The restructuring of the economy and resulting in efficiency gains have brought China to be...
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...An Economic Comparison of Japan 日本国 And South Korea 대한민국 Introduction South Korea and Japan have had a close relationship from ancient history to the present day. Because of this reason, their economic growth and development have similarities and disparate differences. This paper will discuss some of the two countries’ major characteristics including geographic, social, and political characteristics and look at their histories and economies. Another reason that it is natural to compare them is their economic growth has mirrored one another. Both emerged from a war with its economy devastated and its infrastructure in ruins. Both countries changed with the economic climate of the time and took advantage of foreign investment in order to rebuild. Finally, both countries used their strengths to develop their economies to the point that they are world leaders in their field. Finally, both counties enjoy close political and economic relations with the United States, with each country being among our Top 10 largest trading partners. We have been a good friend to both, which has helped to stabilize relations in the regions between the two. Brief History (Since World War 2) The Korean Peninsula was occupied by Japanese forces for 35 years, from 1910 until the end of WW2 in 1945. Due to existing agreements, Japanese forces in Northern Korea surrendered to the Soviets and those in South Korea to the United States. The Korean War (1950-1953) was an attempt...
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...Brittany Lade Eastern Asian Politics Dr. Tan 30 April 2015 Economic Aftermath of World War II: China and Japan When it comes to the economic welfare of different countries around the world, it is dependent on events within the country or events that the country partake in. Such an example that led to changes within many countries who were part of the destructive events within it would be World War II. The end of World War II had left a trail of devastation in its path. There were many countries in turmoil and there were many countries that needed to recover and rebuild. Two countries that were influenced by the aftermath of the war greatly were China and Japan. Following the war each country had to rebuild and/or change their economic and...
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...http://www.suite101.com/content/japan-s-trade-buddies-a10157#ixzz1DEYGoPBY The Land of the Rising Sun is famous for top global brands that represent some of today's fastest-growing companies. Among Japan's world-leading brands are Toyota, Honda, Sony and Canon. Read more at Suite101: Japan's Trade Buddies: Top 15 Japanese Export & Import Partners http://www.suite101.com/content/japan-s-trade-buddies-a10157#ixzz1DEYGoPBY USA vs. Japan - Economics & Intercultural Communication Table of contents 1 Introduction....................................................................................1 2 The economy of Japan..................................................................1 3 The economy of the USA...............................................................2 4 Intercultural Communication..........................................................3 5 Conclusion.....................................................................................3 1 Introduction In my paper I want to write about the United States of America and Japan. I will write about the economic backgrounds of the two countries and also write about some typical behaviors that must be mentioned when somebody talks about intercultural communication in the two countries. Before I will go to my topics I think its important to know that both countries have one similarity that is not so positive in the minds of them. It was the 7th December of 1941 when Japan attacked the United States...
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...Japan’s tough economic development of the 1980s ended at the start of the 1990s. At the end of 1980s, irregularities inside the Japanese economic organization had qualified a hypothetical asset price bubble of massive scale by Japanese enterprises, banks and securities corporations. The mixture of extremely high land prices and low interest rates temporarily caused sharp liquidity of the market. This led to enormous borrowing and strong investment mainly in domestic and global stocks and securities. Realizing that this bubble was unsupportable, the Finance Ministry of JAPAN precisely increased interest rates in late 1980’s. This severe course of action metaphorically bursted the bubble, and the JSE (Japan stock exchange) market collided. A debt crisis trailed and the Japanese banks and insurances were now burdened with uncollectable bills, uncollectable loans and had to write off many debts as bad debts. The financial associations were bailed out from the government, credits from the reserve bank or known as central bank and the ability to delay the acknowledgement of losses, eventually turning them into the banks whose net worth is less than or so called Zombie banks. Zombie banks are considered to be one of the important causes for the Japan economic stagnation. Michael Schuman ( Asia business correspondent for Time Magazine ) said that Japan's economy would not have started to improve until this practice had terminated, he also indicated that these banks kept inserting more...
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...Student Economic Review, Vol. 17, 2003, pp. 153-165 JAPAN IN THE DOLDRUMS: A STUDY OF DEFLATION AND RECESSION DANIEL J.C. BAKER Senior Freshman Japan's dream deflates Interest rates and Keiretsu Dan Baker blames you Introduction This essay examines the performance of the Japanese economy over the period 1985 to 2002 with reference to key economic variables, such as GDP growth, price stability performance, employment, and the public debt to GDP ratio, etc. We focus on the path the economy has taken since the bursting of the “bubble economy” early in 1990, and in particular on the phenomenon of deflation, which appeared as a persistent problem towards the end of the 1990s. This paper will investigate the underlying causes of recession and deflation in Japan, and examine the main problems associated with the latter. Finally, a number of policy solutions will be suggested to combat the deflationary pressures in Japan, and more generally, to help stimulate economic growth. What’s wrong with Japan? Before the bubble burst - Japan as Number One During the 1980s it was a popularly held belief that Japan was rapidly and inexorably catching up on America as the world’s number one economy. From a state of near-complete devastation at the end of World War II, Japan had transformed itself into a global economic powerhouse second only to America in terms of productive output, and unequalled in terms of growth1. Not surprisingly, Japan was considered by many to be the model economy...
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...Business Brief Portal Corporation has two plants located in Utah, one in Ogden and the other in Sandy. The company produces laser printers. (Datar & Schoenebeck, 2014, p. 111) Currently, the company is operating under normal capacity at a rate of 240 days annually. In 2012, Portal Corporation is forecasting to produce 120,000 units of laser printers which will exceed the company’s normal production usage capacity to 300 days per year. This will require the company to pay overtime for their workers thus it will increase the variable costs per unit for Ogden by $5.00 per unit and Sandy by $10.00 per unit. The question here is how we spread the 120,000 units between Ogden and Sandy? Analysis When looking at the income statement of both locations, we found that Sandy is more profitable than Ogden. Sandy which has $1,872,000.00 appears to have less fixed costs than Ogden at $4,200,000.00. Therefore, the breakeven point for Sandy is the point that there is no profit or loss is 9,600 units comparing to Ogden of 20,000 units. In essence, Ogden has to produce more units than Sandy in order to breakeven. Fixed Costs are irrelevant when deciding which plant to reach maximum production capacity but, the contribution margin per unit analysis indicates that Ogden is more profitable than Sandy. This has happened because Ogden’s variable costs per unit are $110 whereas Sandy’s is at $125. Also, additional cost per unit for Ogden is only $5.00 and Sandy’s is $10.00 per...
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...Journal 3 In the article, “What are the chances Paul the octopus is right?” by Sarah Shenker and “Octopus Beats ‘Vampire Squid’ as Goldman Falls Short in World Cup” by Neelabh Chaturvedi, we are exposed about Paul, the octopus, forecasting accurate results for six of Germany’s World cup games. Learning about probabilities in class, we are trying how we can interpret rules and terms about probability to Paul the octopus selecting the winning team. In the BBC article, Sarah Shenker states, “[Paul] had a 1/64 chance of predicting six correct outcomes.” The author reaches the probability of 1/64 by multiplying the chances of predicting for each game. For example, in the article, Paul had a 1/2 chance of predicting the first game correctly, 1/4 chance of predicting the first two games, and 1/8 chance of predicting all the first three games. Because Paul the octopus only has 50% or 1/2 chance of predicting the winning team between the two options, we would just multiple another 50% or 1/2 to the previous game. With this example, the author multiplied 1/2 for each additional game which, resulted with the 1/64 chance for predicting all six correct outcomes. If I wanted to create my own predicting octopus for the 2019 World Cup, I would set up my “experiment,” by using the same system as Paul the Octopus, but I would add “draw” as one of the choices for the prediction. So, in the tank, I would drop two clear boxes decorated with different team flags on the front containing food inside...
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...International Relations Who are the main diplomatic partners of the People’s Republic of China? The United States The first partner of China is undoubtedly the United States of America. However, the relations between these two countries are far from being very simple. There is no denying that China has genuinely been mesmerized by the military and economic power of the USA for a long time. And it is clear that the aim of the Chinese is to fill up this backwardness and even to surpass the American “hyper-puissance”. But in the same time, China is perfectly aware of the necessity to remain on good (and peaceful) terms with the country, which is one of the major actors of the control of the security of the Oriental Asia. Moreover, it is impossible to turn a blind eye to the fact that China largely depends on the American economy. For example, the Chinese foreign trade surplus with the US amounted to 233 billions dollars in 2006 and the currency supplies currently comes to 1000 billions dollars whose the most part is composed of American Treasury Bills. Thus, this economic interdependence allows the two countries to keep good and pacific ties. Nevertheless, the most sensible problem between China and the USA has remained Taiwan for a long time. Since the normalisation of their relations in 1979, Beijing and Washington have agreed with the fact of maintaining a status quo on this burning issue. Actually, this situation is nurtured by a kind of military confrontation, which...
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...dominant power. Primary Issues Between China and Japan According to the Council on Foreign relations, tensions between the two countries date to the humiliation of China in the Sino-Japanese War. These animosities surfaced in recurring cycles, often involving Chinese anger over Japan’s perceived lack of contrition for wartime crimes (Beehner & Bhattacharji, 2008). The history of World War II remains disputed, and China and Japan face challenges on how to move forward from the past. Growing tensions fueled when a Japanese history textbook distorted historical events surrounding the Nanjing Massacre. Further problems such as territorial and economic issues aggravated the relationship, including Japan’s close alliance with the United States, economic rivalry, trade frictions, and disputes over ownership of islands in the East China Sea. Recently a Chinese trawler collided with Japanese Coast Guard patrol boats near the Diaoyu Islands and resulted in a major diplomatic dispute between the two nations. The rivalry between the two countries continued, when China flexed its muscle to oppose a move to elevate Japan, into permanent membership on the United Nations Security Council. Chinese Government Extends Olive Branch Over the past four decades, Sino-Japan relations have made steady progress, only when both sides honored the agreement reached in the Sino-Japanese Treaty of Peace and Friendship in 1978. Chinese relations with Japan during the 1980s were generally close although...
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...The main diplomatic partners of the People’s Republic of China The United States The first partner of China is undoubtedly the United States of America. However, the relations between these two countries are far from being very simple. There is no denying that China has genuinely been mesmerized by the military and economic power of the USA for a long time. And it is clear that the aim of the Chinese is to fill up this backwardness and even to surpass the American “hyper-puissance”. But in the same time, China is perfectly aware of the necessity to remain on good (and peaceful) terms with the country, which is one of the major actors of the control of the security of the Oriental Asia. Moreover, it is impossible to turn a blind eye to the fact that China largely depends on the American economy. For example, the Chinese foreign trade surplus with the US amounted to 233 billions dollars in 2006 and the currency supplies currently comes to 1000 billions dollars whose the most part is composed of American Treasury Bills. Thus, this economic interdependence allows the two countries to keep good and pacific ties. Nevertheless, the most sensible problem between China and the USA has remained Taiwan for a long time. Since the normalisation of their relations in 1979, Beijing and Washington have agreed with the fact of maintaining a status quo on this burning issue. Actually, this situation is nurtured by a kind of military confrontation, which...
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...impact of globalization in Japan "Globalization implies the opening of local and nationalistic perspectives to a broader outlook of an interconnected and interdependent world with the free transfer of capital, goods, and services across national frontiers"(Businessdictionary.com:1931). As the development of technology, connect between each different countries become easier, more and more countries can be easy communication or trade with other countries in many different fields, for instance economic, cultural education and other fields, that can make these countries develop fast. The globalization becomes more and more important to each country, no matter development country or developing country. As we know, after the Meiji Restoration of 1868, Japan become a highly globalized country on many fields, like economy, science and technology, education and many other fields. This essay will introduce about the impact of globalization on economic, culture and education of Japan, analyze the impact of globalization on these fields. "The economy of Japan is the third largest national economy in the world after the United States and the People’s Republic of China and is the world's second largest developed economy" (Oecd-ilibrary:2012). As we know, Japan is not a country has a vast land and rich resources, especially whole country economy almost destroyed by World War II. The globalization is the most important reason can help developing economy of Japan so fast, there are some performances...
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...More Globalization To Solve Japan's Prolonged Economic Stagnation: 2020 Tokyo Olympic, Establishment of Foreign Companies and Cultural Reform/Cultural Ramification Before Japan was globalized it was secluded from the rest of the world for nearly two centuries from1603 to 1868. This time period was called the Tokugawa Period. Even though Japan closed its ports to foreign trade, it was self sustainable and independent. This self sustainable society was maintained through its unique producer-consumer relationship and the "reuse recycle" practice in commerce due to the island's limited resources. Repair merchants such as tinker, ceramics repairers and truss hoop repairers supported a society where nothing was thrown away but instead carefully repaired and reused until the products were truly un-amendable. For example, tinkers used special techniques and charcoal heat to weld holes in pots and kettles with other metals; ceramic repairers glue broken ceramic pieces together with sticky rice and applied heat; paper makers buy used papers and blend them to make a variety of paper from writing paper to toilet paper (Staff). The Tokugawa Period served as a model of a flourishing sustainable society to the Japanese. After Japan was introduced to globalization during the Second World War, the nation benefited from becoming a export driven economy, business policies such as the lifetime employment policy promoted the efficiency of the company, and the cultural influences on business management...
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