University of Phoenix

The fastest growing school in the world. Highly career-focused education, designed to accelerate the careers of working professionals. Both campus-based and online. Wide range of degrees, programs, locations.

Japan Economy: from the All Country Info reference guide to country facts

Japan Economy

Japan Economy: A summary of information about Japan Economy, from government research data as well as independent research and other sources.

You are here:
All CountriesJapan > Japan Economy

Japan: Economy

Economy - overview
Government-industry cooperation, a strong work
ethic, mastery of high technology, and a comparatively small defense
allocation (1% of GDP) have helped Japan advance with extraordinary
rapidity to the rank of second most technologically powerful economy
in the world after the US and third largest economy in the world after
the US and China. One notable characteristic of the economy is the
working together of manufacturers, suppliers, and distributors in
closely knit groups called keiretsu. A second basic feature has been
the guarantee of lifetime employment for a substantial portion of the
urban labor force. Both features are now eroding. Industry, the most
important sector of the economy, is heavily dependent on imported raw
materials and fuels. The much smaller agricultural sector is highly
subsidized and protected, with crop yields among the highest in the
world. Usually self-sufficient in rice, Japan must import about 50% of
its requirements of other grain and fodder crops. Japan maintains one
of the world's largest fishing fleets and accounts for nearly 15% of
the global catch. For three decades overall real economic growth had
been spectacular: a 10% average in the 1960s, a 5% average in the
1970s, and a 4% average in the 1980s. Growth slowed markedly in
1992-95 largely because of the aftereffects of overinvestment during
the late 1980s and contractionary domestic policies intended to wring
speculative excesses from the stock and real estate markets. Growth
picked up to 3.9% in 1996, largely a reflection of stimulative fiscal
and monetary policies as well as low rates of inflation. But in
1997-98 Japan experienced a wrenching recession, centered about
financial difficulties in the banking system and real estate markets
and exacerbated by rigidities in corporate structures and labor
markets. In 1999 output started to stabilize as emergency government
spending began to take hold and business confidence gradually
improved. The crowding of habitable land area and the aging of the
population are two major long-run problems. Robotics constitutes a key
long-term economic strength, with Japan possessing 410,000 of the
world's 720,000 "working robots".
GDP
purchasing power parity - $2.95 trillion (1999 est.)
GDP - real growth rate
0.3% (1999 est.)
GDP - per capita
purchasing power parity - $23,400 (1999 est.)
GDP - composition by sector
agriculture: 2%
industry: 35%
services: 63% (1999 est.)
Population below poverty line
NA%
Household income or consumption by percentage share
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
-0.8% (1999 est.)
Labor force
67.76 million (November 1999)
Labor force - by occupation
trade and services 65%, industry 30%,
agriculture, forestry, and fishing 5%
Unemployment rate
4.7% (1999 est.)
Budget
revenues: $463 billion
expenditures: $809 billion, including capital expenditures (public
works only) of about $94 billion (FY00/01 est.)
Industries
among world's largest and technologically advanced
producers of motor vehicles, electronic equipment, machine tools,
steel and nonferrous metals, ships, chemicals; textiles, processed
foods
Industrial production growth rate
-0.1% (1999 est.)
Electricity - production
995.982 billion kWh (1998)
Electricity - production by source
fossil fuel: 56.68%
hydro: 8.99%
nuclear: 31.93%
other: 2.4% (1998)
Electricity - consumption
926.263 billion kWh (1998)
Electricity - exports
0 kWh (1998)
Electricity - imports
0 kWh (1998)
Agriculture - products
rice, sugar beets, vegetables, fruit; pork,
poultry, dairy products, eggs; fish
Exports
$413 billion (f.o.b., 1999 est.)
Exports - commodities
motor vehicles, semiconductors, office
machinery, chemicals
Exports - partners
US 31%, Taiwan 7%, China 5.5%, South Korea 5.4%,
Hong Kong 5.2% (1999)
Imports
$306 billion (c.i.f., 1999 est.)
Imports - commodities
fuels, foodstuffs, chemicals, textiles, office
machinery
Imports - partners
US 22%, China 14%, South Korea 5.1%, Australia
4.2%, Taiwan 4.1% (1999)
Debt - external
$NA
Economic aid - donor
ODA, $9.1 billion (1999)
Currency
yen
Exchange rates
yen per US$1 - 105.16 (January 2000), 113.91 (1999),
130.91 (1998), 120.99 (1997), 108.78 (1996), 94.06 (1995)
Fiscal year
1 April - 31 March
Locations:
Home
Afghanistan
Albania
Algeria
American Samoa
Andorra
Angola
Anguilla
Antarctica
Antigua & Barbuda
Arctic Ocean
Argentina
Armenia
Aruba
Ashmore & Cartier Islands
Atlantic Ocean
Australia
Austria
Azerbaijan
Bahrain
Baker Island
Bangladesh
Barbados
Bassas Da India
Belarus
Belgium
Belize
Benin
Bermuda
Bhutan
Bolivia
Bosnia & Herzegovina
Botswana
Bouvet Island
Brazil
British Indian Ocean Territory
British Virgin Islands
Brunei
Bulgaria
Burkina Faso
Burma
Burundi
Cambodia
Cameroon
Canada
Cape Verde
Cayman Islands
Central African Republic
Chad
Chile
China
Christmas Island
Clipperton Island
Colombia
Comoros
Cook Islands
Coral Sea Islands
Costa Rica
Croatia
Cuba
Cyprus
Czech Republic
Denmark
Djibouti
Dominica
Dominican Republic
Ecuador
Egypt
El Salvador
Equatorial Guinea
Eritrea
Estonia
Ethiopia
Europa Island
Faroe Islands
Fiji
Finland
France
French Guiana
French Polynesia
Gabon
Gaza Strip
Georgia
Germany
Ghana
Gibraltar
Glorioso Islands
Greece
Greenland
Grenada
Guadeloupe
Guam
Guatemala
Guernsey
Guinea
Guyana
Haiti
Honduras
Hong Kong
Howland Island
Hungary
Iceland
India
Indian Ocean
Indonesia
Iran
Iraq
Ireland
Israel
Italy
Jamaica
Jan Mayen
Japan
Jarvis Island
Jersey
Johnston Atoll
Jordan
Juan De Nova Island
Kazakhstan
Kenya
Kingman Reef
Kiribati
Korea
Kuwait
Kyrgyzstan
Laos
Latvia
Lebanon
Lesotho
Liberia
Libya
Liechtenstein
Lithuania
Luxembourg
Macau
Madagascar
Malawi
Malaysia
Maldives
Mali
Malta
Marshall Islands
Martinique
Mauritania
Mauritius
Mayotte
Mexico
Midway Islands
Moldova
Monaco
Mongolia
Montserrat
Morocco
Mozambique
Namibia
Nauru
Navassa Island
Netherlands
Netherlands Antilles
New Caledonia
New Zealand
Nicaragua
Niger
Nigeria
Niue
Norfolk Island
Northern Mariana Islands
Norway
Oman
Pacific Ocean
Pakistan
Palau
Palmyra Atoll
Panama
Papua New Guinea
Paracel Islands
Paraguay
Peru
Philippines
Pitcairn Islands
Poland
Portugal
Puerto Rico
Qatar
Reunion
Romania
Rwanda
Saint Helena
Saint Kitts & Nevis
Saint Lucia
Saint Pierre & Miquelon
Saint Vincent & The Grenadines
San Marino
Sao Tome & Principe
Saudi Arabia
Senegal
Serbia & Montenegro
Seychelles
Sierra Leone
Singapore
Slovakia
Solomon Islands
Somalia
South Africa
Southern Ocean
Spain
Spratly Islands
Sri Lanka
Sudan
Suriname
Svalbard
Swaziland
Sweden
Switzerland
Syria
Taiwan
Tajikistan
Tanzania
Thailand
Togo
Tokelau
Tonga
Trinidad & Tobago
Tromelin Island
Tunisia
Turkey
Turkmenistan
Turks & Caicos Islands
Tuvalu
Uganda
Ukraine
United Arab Emirates
United Kingdom
United States
Uruguay
Uzbekistan
Vanuatu
Venezuela
Vietnam
Virgin Islands
Wake Island
Wallis & Futuna
West Bank
Western Sahara
World
Yemen
Zambia
Zimbabwe