Economy of Japan
Japanese call Japan as "NIHON" or "NIPPON". Nippon is official pronunciation on Bank notes and postal stamps. Japanese "Yen" is the currency used in Japan since one dollar is (app.) equivalent to 111 Japanese yens. Japan is known as a country virtually with no natural resources like oil, gas, coal iron etc.Japan is a mixed economy since Govt. controls some of the production in the market. It is also run by private corporations & is competitive due to trade tariffs & quotas which the Govt. had put in place. Its trading partner is USA. Japan should be regarded as a socialist country and not as a capitalist.The monarchy in Japan is with a limited role of Emperor relegated to ceremonial duties.The major cities are Tokyo, Kyoto, Osaka, & Nagoya.
From 1852 to 1945, Japan was motivated by a deep desire to avoid the fate of China and become a great power. Japanese expansion in East Asia began in 1931 with invasion of Manchuria and continued till 1937 with attack on China. USA imposed sanctions due to their invasion. But Japan had to destroy Pacific fleet to ensure unhindered support in Asia. Thus, Japan attacked US pacific fleet in Pearl Harbour in 1941 and entered World War II. Before this, Japan signed a tripartite pact in 1940 with Germany and Italy entering military alliance known as "Axis". The war ended on Aug. 6, 1945 with dropping of nuclear bomb on Hiroshima and Nagasaki.
After close of World war II, USA led allies to in occupation and rehabilitation of Japan. Between 1945 to 1952, US forces enacted military, political, economic and social reforms.
Japanese survived from deep recession caused by loss of U.S. payments for military procurement and continued to make gains. By 1960, Japan has risen from ashes of World War II to achieve astoundingly rapid and complete economic recovery. U.S. invested 18 Billion Dollars in Japan's reconstruction efforts.
The economy of Japan is a highly developed and market - oriented economy. It is the third largest in the world by GDP and fourth largest in purchasing power parity. Japan is the world's 3rd largest automobile manufacturing country and has largest electrical good industry. Its main competitors are China and South Korea. As on day, Japan focuses on high tech and precision goods e.g. Optical instruments, Robotics and Hybrid Vehicles. The key industries are automobiles, ship building, pharmaceuticals, Aerospace, petrochemicals, Bio industry, Textiles and processed foods.
Japan is a country rich with precious metals owing to Marco Polo's accounts of Guilded temples and palaces. It is due to massive abundance of surface ores characteristic of huge volcanic country before large scale deep mining become possible in industrial times. Japan was to become major exporter of silver, Gold and copper until exports of these minerals was banned. Early European visitors were amazed by quality of Japanese craftsmanship.
From 1852 to 1945, Japan was motivated by a deep desire to avoid the fate of China and become a great power. Japanese expansion in East Asia began in 1931 with invasion of Manchuria and continued till 1937 with attack on China. USA imposed sanctions due to their invasion. But Japan had to destroy Pacific fleet to ensure unhindered support in Asia. Thus, Japan attacked US pacific fleet in Pearl Harbour in 1941 and entered World War II. Before this, Japan signed a tripartite pact in 1940 with Germany and Italy entering military alliance known as "Axis". The war ended on Aug. 6, 1945 with dropping of nuclear bomb on Hiroshima and Nagasaki.
After close of World war II, USA led allies to in occupation and rehabilitation of Japan. Between 1945 to 1952, US forces enacted military, political, economic and social reforms.
Japanese survived from deep recession caused by loss of U.S. payments for military procurement and continued to make gains. By 1960, Japan has risen from ashes of World War II to achieve astoundingly rapid and complete economic recovery. U.S. invested 18 Billion Dollars in Japan's reconstruction efforts.
The economy of Japan is a highly developed and market - oriented economy. It is the third largest in the world by GDP and fourth largest in purchasing power parity. Japan is the world's 3rd largest automobile manufacturing country and has largest electrical good industry. Its main competitors are China and South Korea. As on day, Japan focuses on high tech and precision goods e.g. Optical instruments, Robotics and Hybrid Vehicles. The key industries are automobiles, ship building, pharmaceuticals, Aerospace, petrochemicals, Bio industry, Textiles and processed foods.
Japan is a country rich with precious metals owing to Marco Polo's accounts of Guilded temples and palaces. It is due to massive abundance of surface ores characteristic of huge volcanic country before large scale deep mining become possible in industrial times. Japan was to become major exporter of silver, Gold and copper until exports of these minerals was banned. Early European visitors were amazed by quality of Japanese craftsmanship.
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