Country Evaluation: Japan Essay

Country Evaluation: Japan Essay

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Japan is one of the world’s leading trading nations, as measured by their exports. Its imports and exports totaled about $525 billion in 1990. Their main exports at the time, in terms of value, were iron and steel, passenger cars and electronic equipment. Petroleum was Japan’s chief import that accounted for 35 per cent of the total value of imports (World Book). Most of the time since the mid-1960s, Japan has had a favorable balance of trade-that is, the value of its exports has exceed the value of its imports. Japan maintained a favorable balance of trade by one, exporting manufactured products throughout the world at competitive prices and second, through restricting imports by means of various trade barriers, such as tariffs and quotas. Japan’s trade policies have contributed to unfavorable trade balances for countries that import large qualities of Japanese goods but face barriers to exporting their own goods to Japan. In an effort to reduce these barriers, a number of Japan’s trading partners began criticizing the country’s trade practices. To maintain good trade relations, Japan begun responding to these request. It reduced its exports of automobiles to the United States. It also relaxed restrictions on imports of U.S. food products, but U.S. officials still criticize the serious trade imbalance that remain in Japans favor. However, over the past five years from current date, Japan has shifted their ideology by seeking free trade agreements (FTA) with a number of countries. In doing so, Japan hopes to revitalize its economy as well as to compete with other major countries, like China for influence in Asia.
Labor Markets
A steady increase of labor productivity, particularly in the manufacturing industries, contr...

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...and returning visitors and residents, has grown considerably in recent years. The total number of entrants was 3.5 million in 1990 and increased to 5.27 million in 2000 (migration information). By 2005, the number had grown to 7.45 million. As the Japanese gradually and grudgingly open their country to foreigners, they understand the importance of an open door nation.

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