Place Credit Reports Japan Order
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Economy Overview:
Government-industry cooperation, a strong work ethic, mastery of high
technology, and a comparatively small defense allocation (1% of GDP)
helped Japan advance with extraordinary rapidity to the rank of second
most technologically powerful economy in the world after the US and the
third-largest economy in the world after the US and China, measured on a
purchasing power parity (PPP) basis. One notable characteristic of the
economy is how manufacturers, suppliers, and distributors work together
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. Japan's industrial
sector is heavily dependent on imported raw materials and fuels. The
tiny 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 60% of its food on a caloric basis. 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
the 1990s, averaging just 1.7%, largely because of the after effects of
overinvestment during the late 1980s and contractionary domestic
policies intended to wring speculative excesses from the stock and real
estate markets and to force a restructuring of the economy.
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