JAPAN'S ECONOMY.
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Essay Subject:
Assesses growth since 1970s, downturn in 1990s, wages, trade, monetary policy, credit, banking, role of govt.... More...
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Paper Abstract:
Assesses growth since 1970s, downturn in 1990s, wages, trade, monetary policy, credit, banking, role of govt.
Paper Introduction:
The Economy of Japan
Japan has the second largest economy in the world. Its Gross Domestic Product (GDP) totaled $4,193US billion in 1997 ($33,317US per capita). Thus, the Japanese enjoy a very high standard of living. Japan’s foreign exchange reserves are the largest in the world ($203.22US billion in 1998) and Japan is the world's largest creditor. Labor productivity is one of the highest in the world and the labor market is regulated by the 1947 Employment Security Law. The Ministry of Labour seeks to prevent excessive dislocation or job mobility among workers, and employment services (such as employment agencies) are therefore tightly controlled.
Despite these successes, the Japanese economy has experienced a downturn in the 1990s. Growth has slowed, average annual GDP growth falling
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living Japan's foreignexchange reserves are the by the Employment Security Law The Ministry of has slowed average annual GDP found itself in its worst recession since World War II specific changes to its policies bubble economy Second corporatemanagement had to take steps to world Third Japaneseindustry was facing this business environment Fourth Japanesegovernment of the global shift from an industrialtechnological to economyequal to and competitive with while productive in the past may limitits export growth and open its domestic the Japanese economy were the driving developed in the post-war periodnot due to but despite of of Japan's catch-up process ended in the late played a key role in Japan's foreign trade handling about and they played a key part in rebuilding theJapanese economy wage level was much lowerthan the world trade environment in which free trade the Plaza Accord of the five on its low wage level disappeared economy also coincided withseveral other processes that investments increasedexplosively throughout the world and production capabilities Japanese banking systemwas widely regarded as one other developedcountries and in Japan Patterned after the financial system This Japanese main-bank system is based onhistorically relationships may now be dated maintained an artificially low rate of interest money in bigger and newer factories and However when Japan did in cent of corporate fundingcoming from bank loans nine biggest commercial banks sold off Y billion-worth and the increase in thecredit It has also stifled the start-up and The economic recessionand credit crunch but it has become an inhibiting factor to encourage Thus Japan's economynow presents a picture in more on its own technological issues caused byits financial system If anything transparency The law increased theBank's autonomy from financial system The Japanese economy faces several it could correct itself While Japanesegovernment intervention may Japanesegovernment continues to set the prices of services in particular this price determination process costs even ifthey are as the cost ofservices or goods of cost control a Lowering wages whole production systems to countries where wages depend chiefly onthe Japanese government's efforts in its policy World War II The country wasdetermined to become were successful afterWorld War II However global market economy domino effect Report Comment Analysis September Intriligator M Braguinsky Conference Tett Gillian Foreign Investors Revival of Japan's Economy Paperfor Japan the The Atlantic Monthly June Ibid Kojima Kojima Ibid WICR Ibid Ibid in US per capita Thus the world's largest creditor Labor productivity is one ofthe highest therefore tightly controlled Despite these successes spending but this served only toput public finances in has alsolasted longer than expected With the downturn in the the banks needed to clean up resulted from the strong yen pushing upJapan's average such asAsian countries who were a recovery bythe U S industries of their competitiveness in the s the government the West's advanced economies as itstarget It involved had a trade surplus since the s Since the s given the role it has played in country's economic development hand many mainstream economists in the UnitedStates and too much government regulation at the expenseof market that ofadvanced Western economies The The sogo sosha wasestablished in the nineteenth century and they wereessential conduits for feeding technology and know-how into largely attributable to its low industrial products in the world The second phase of the world's highest since the Japan's economy and corporations entered into a the end of the cold war and the The yen is afloating currency although the government will intervene Japanese system presents one of the most strikingdifferences between of financialactivities and today it remains in existence as historical policy of these two institutionsworking in concert because itmarshaled the savings of the Japanese autos shipbuilding electronics access to a pool into the priority industries and Japan has been notoriously relianton banking finance in estimated to total at least of bad loans Due to this economic Unfortunately this has made it harder for small and reallending year-on-year a record fall that resulted in renewed concern higher than annual aggregated profits Japan's financial system functioned effectively business activities However suchactivities are inherently riskier economy's growth As the Japanese economy importance of government-organized coordination Japan Japan did revise the Bank of Japan Law the goals of achievingprice stability is contraryto classical economic free-market theories that would argue the it progress For example Japan mustcontrol highway tolls The government determinesthese prices by adding what is cost control suffers and government controlled prices the world's highestwages this competition for cost control is parts etc fromcountries where they can processes andrestructuring the organization including indirect administrative divisions e political efforts The force behindJapan's catch-up process was a philosophy they as the economy has changed including the aftereffects of the bubble economy outward-looking philosophy than the catch-up process followed Kojima Akira Scenario for Revival of Japan's Economy Paper forJapan Country Profile Statistics Tables Forecast Pg Ibid Ibid S Bowen J Tullock G Root July Intriligator Ibid Ibid Ibid The Economy of Japan Japan has the second largest economy largest in the world US Labour seeks to prevent excessivedislocation or job mobility among growth fallingto per cent The government attempted to Theslowdown in the Japanese economy Economists suggestedseveral significant structural adjustments deal with the effect of having increased competition due to the globalization of theworld economy and and industry needed to accept and institute policies to more information integrated and knowledge integrated typesof technologies Japan's economy the larger industrialized Western nations This catch-up process involved a now be hinderingJapan's economic progress Growth in the markets to foreign competition The institutional structure of force behindits catch-up with other industrialized nations in the post-war what they consider to be a backwardinstitutional structure which s by which time Japanese half thecountry's exports and around after the Second World War They bought and sold those of Western economies The country's wasguaranteed benefited Japan and Japan was able major countries in September The drastic devaluationof the yen and the high wage levelbecame a heavy handicap would require Japan to adjust its andtechnologies began large-scale movements beyond borders The of the strongest in the Reichsbank law of Nazi Germany the Bank specific relationships between large commercial banks citybanks and corporate clients and a liability tocontinued Japanese economic progress Japan's financial and channeled thesavings into selected industries This aided Japanese competitivenessbecause hiredmore workers to run them the workers banked their money fact catch-up with the advanced nations the compared to less than per cent of bad loans Many economists maintain these numbers are only risk of firms private banks have been entrepreneurial spirit such businessmight generate in resulted in new bad debts in thepost-catch-up phase In today's which there is an overlap of the completion ofthe catch-up innovation rather than onimporting foreign technologies This created a the main-bank system became harmful atthis the government and strengthened its challenges in its attempt tonormalize its have been necessary in the post-war theprices of utility services such unreasonably high can be reflected input into their production activities thus driving theprices upward from the world's highest levels b andcosts are low to utilize foreign countries' low cost making The Japanese government has stated that equal to if not to surpass the strength of theadvanced in the last decade of the th century Japan'seconomy and the arrivalof mega-competition The solution to these S Bowen J Tullock G Root H The Social Sniff Recovery Financial Times London July U S and China Conference Ibid Ibid Ibid WICR Kojima Ibid Ibid Ibid Intriligator Tett Gillian Foreign Kojima Ibid Ibid the Japanese enjoy a very high standard of in the world and the labor market is regulated the Japanese economy has experienced adownturn in the s Growth an unsustainable position As a result in Japan economy the Japanese government was underpressure to make bad debts thatresulted from the collapse of the wages to the highest in the catching up with Japan as inexpensive labormanufacturing countries in And fifth the economywould need to deal with the effects instituted a policy of catch-up to make Japan's in particular a level of government interventioninto the economy that however other countries have applied increasing pressure on Japan to On the onehand unique features of in Japan maintain that Japan competition and economic efficiency The first phase sogo sosha general trading companies to counteract the predominance offoreign trading firms in Japan the Japaneseeconomy In its early catch-up phase Japan's average wages and low laborcosts Then the catch-up process ended with late s Consequently Japan's costadvantages based new phase thebubble economy The entry into the bubble global market economy dominoeffect began to advance In addition direct to preventexcessive fluctuations Until recently the the way capital markets in most a fundamental part of theJapanese that allowed the Japanese economy to its post-warrecovery However these people into a closed system Thebank's of cheap money Theseindustries then invested the the priority industries continued to add more and more productivecapacity the past with over per Y billion and in Japan's stagnation non-performing loans eroding banks' capital bases medium-sizedbusinesses to obtain credit which has exacerbated the economic downturn thatthe economy is experiencing a credit crunch' during the catch-upprocess of Japan's economy than the industrial technologies theJapanese financial system was created caught up with other industrialized nations it had to rely has attempted the address the in April The revised lawstates its goals as independence and and orderly conditions in the economyshould be left unregulated so that its costs to compete with global prices Yet the called reasonable profit margins ontocosts Because of becomeexorbitant Generally corporations treat these prices extremely tough Economistshave suggested the following methods be produced at lower cost c Transferring Lowering investment costs as a whole This will of overcoming the poverty thatdevastated the Japanese economy after thegovernment's philosophy has lagged The government-led financial systems earned the completion of thecatch-up process the by thegovernment Bibliography World of Information Country the U S and China Ibid Kojima Akira Scenario for H The Social Contradictions of Japanese Capitalism Ibid Ibid Ibid WICR Ibid in the world Its Gross DomesticProduct GDP totaled US billion billion in and Japan is workers and employment services such asemployment agencies are stimulate theeconomy in the early s through public has been not only more severe but that should be made to theJapanese economy First to pay theworld's highest labor costs which the emergence of newly industrialized economies dealwith the changing environment of competition resulting from was devastated by World War II Thus process of economic and industrialdevelopment in which Japan followed post-war period was driven by exports and publicinvestment Japan has the Japanese economy is controversial period However on the other was characterized by too strong emphasis onlong-term relationships and industrial capacity had caught up with per cent of its imports inhuge quantities generally preferring long-term contracts rapid economic growth untilthe mid s was to become the strongestexporter of triggered by the agreement doubled Japan's average wages makingthem This was the moment when the environmentsurrounding post-warcatch-up policy For instance the world supply structure changeddrastically at Bank of Japan is responsible for monetary policy world but it has sinceplunged into turmoil The ofJapan Law consummated the wartime institutions for the control mostly from large firms in manufacturingindustries It is the system was an asset in its postwar catch it gave certain industries namely steel machine tools at low interestrates the system funneled the workers' money financial system became a liability in the USA In bad loans were afraction of the total value increasingly cautious aboutextending loans since late In December there was a per cent decline in coming onto the banks'books at a rate global economy greater importance isplaced on entrepreneurial and venture process and the downturn of tendency to make projectrisks more idiosyncratic and greatly reduced the stage because of its inflexibility and poor disclosure powers in settinginterest rates The law also gives the bank economy Its history of government intervention period itsartificial schemes may now hinder as the prices of electricity communications services and in the prices Because ofthis For Japanese corporations which have to pay Altering production systems in Japan by importing advantages d Lowering total costs by innovating production rectifying the problems ofhigh cost is the objective of its industrialized nations Clearly the regulations were by andlarge successful However has struggled The problems were a result of several factors problems will require a farmore Contradictions of Japanese Capitalism The Atlantic Monthly June World of Information Country Report WICR September Comment Analysis Ibid Ibid Ibid WICR Intriligator M Braguinsky Investors Sniff Recovery Financial Times London living Japan's foreignexchange reserves are the by the Employment Security Law The Ministry of has slowed average annual GDP found itself in its worst recession since World War II specific changes to its policies bubble economy Second corporatemanagement had to take steps to world Third Japaneseindustry was facing this business environment Fourth Japanesegovernment of the global shift from an industrialtechnological to economyequal to and competitive with while productive in the past may limitits export growth and open its domestic the Japanese economy were the driving developed in the post-war periodnot due to but despite of of Japan's catch-up process ended in the late played a key role in Japan's foreign trade handling about and they played a key part in rebuilding theJapanese economy wage level was much lowerthan the world trade environment in which free trade the Plaza Accord of the five on its low wage level disappeared economy also coincided withseveral other processes that investments increasedexplosively throughout the world and production capabilities Japanese banking systemwas widely regarded as one other developedcountries and in Japan Patterned after the financial system This Japanese main-bank system is based onhistorically relationships may now be dated maintained an artificially low rate of interest money in bigger and newer factories and However when Japan did in cent of corporate fundingcoming from bank loans nine biggest commercial banks sold off Y billion-worth and the increase in thecredit It has also stifled the start-up and The economic recessionand credit crunch but it has become an inhibiting factor to encourage Thus Japan's economynow presents a picture in more on its own technological issues caused byits financial system If anything transparency The law increased theBank's autonomy from financial system The Japanese economy faces several it could correct itself While Japanesegovernment intervention may Japanesegovernment continues to set the prices of services in particular this price determination process costs even ifthey are as the cost ofservices or goods of cost control a Lowering wages whole production systems to countries where wages depend chiefly onthe Japanese government's efforts in its policy World War II The country wasdetermined to become were successful afterWorld War II However global market economy domino effect Report Comment Analysis September Intriligator M Braguinsky Conference Tett Gillian Foreign Investors Revival of Japan's Economy Paperfor Japan the The Atlantic Monthly June Ibid Kojima Kojima Ibid WICR Ibid Ibid in US per capita Thus the world's largest creditor Labor productivity is one ofthe highest therefore tightly controlled Despite these successes spending but this served only toput public finances in has alsolasted longer than expected With the downturn in the the banks needed to clean up resulted from the strong yen pushing upJapan's average such asAsian countries who were a recovery bythe U S industries of their competitiveness in the s the government the West's advanced economies as itstarget It involved had a trade surplus since the s Since the s given the role it has played in country's economic development hand many mainstream economists in the UnitedStates and too much government regulation at the expenseof market that ofadvanced Western economies The The sogo sosha wasestablished in the nineteenth century and they wereessential conduits for feeding technology and know-how into largely attributable to its low industrial products in the world The second phase of the world's highest since the Japan's economy and corporations entered into a the end of the cold war and the The yen is afloating currency although the government will intervene Japanese system presents one of the most strikingdifferences between of financialactivities and today it remains in existence as historical policy of these two institutionsworking in concert because itmarshaled the savings of the Japanese autos shipbuilding electronics access to a pool into the priority industries and Japan has been notoriously relianton banking finance in estimated to total at least of bad loans Due to this economic Unfortunately this has made it harder for small and reallending year-on-year a record fall that resulted in renewed concern higher than annual aggregated profits Japan's financial system functioned effectively business activities However suchactivities are inherently riskier economy's growth As the Japanese economy importance of government-organized coordination Japan Japan did revise the Bank of Japan Law the goals of achievingprice stability is contraryto classical economic free-market theories that would argue the it progress For example Japan mustcontrol highway tolls The government determinesthese prices by adding what is cost control suffers and government controlled prices the world's highestwages this competition for cost control is parts etc fromcountries where they can processes andrestructuring the organization including indirect administrative divisions e political efforts The force behindJapan's catch-up process was a philosophy they as the economy has changed including the aftereffects of the bubble economy outward-looking philosophy than the catch-up process followed Kojima Akira Scenario for Revival of Japan's Economy Paper forJapan Country Profile Statistics Tables Forecast Pg Ibid Ibid S Bowen J Tullock G Root July Intriligator Ibid Ibid Ibid
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