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japan's economic development
japan's economic development
Japans improved economy after the war
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Introduction
The goal of every economist and politician is to optimize the economy of their respective countries in a way that improves the global economy under limited resources.
Adopting a currency union is beneficial in many cases, but harmful in others. A currency union consists of multiple nations sharing a single form of currency, often comprised of a single market and a customs union. Participating countries may also affect one another’s economic/foreign policies.
As it is commonly known, Japan’s economy boomed after World War II. By the eighties, Japan went from having a low wage economy to one of the higher wage economies. However, within the next decade, the economy became stagnant. Even through large public works programs and increased internal money flow, prices remained deflated until the Bank of Japan purchased approximately seventy trillion yen worth of bonds and securities. As of recent, Japan has become a top exporter among the world’s open economies.
Japan’s financial system has been supported, using its own form of currency called the Yen. Joining a currency union has many risks and benefits associated with it. Not only would this union affect Japan, but it would greatly impact the entire region as well. In recent years, many Asian countries have favored a floating exchange rate rather than depending on a unified currency, which would make forming a currency union difficult. If this is true, how would joining a currency union impact Japan’s economy?
Data and Analysis
In 2012 Japan’s Gross Domestic Product was 5.96 billion U.S dollars, accounting for 9.61 percent of the world’s economy and making it the third largest economy in the world. The Gross Domestic Product annual growth was reported at 1 percent. With ...
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"Japan Balance of Trade." TRADING ECONOMICS. N.p., n.d. Web. 23 Apr. 2014. http://www.tradingeconomics.com/japan/balance-of-trade "Rates Table Converter 1.00 Japanese Yen Rates Table." Currency Exchange Table (Japanese Yen). N.p., n.d. Web. 23 Apr. 2014. http://www.x-rates.com/table/?from=JPY
"Reserve Bank of New Zealand." The Pros and Cons of Currency Union: A Reserve Bank Perspective. N.p., n.d. Web. 23 Apr. 2014. http://www.rbnz.govt.nz/research_and_publications/speeches/2000/0091114.html
Weisenthal, Joe. "Who Are Japan's Big Trading Partners, And What Do They Trade?" Business Insider. Business Insider, Inc, 22 Mar. 2011. Web. 22 Apr. 2014. http://www.businessinsider.com/who-are-japans-big-trading-partners-and-what-do-they- trade-2011-3
Japan has experienced great economy recovery after World War II, thanks to America’s financial assistance and the rapid development of heavy industry. It became the first Asian country that hosted Tokyo Olympics Games in 1964 and Osaka World Expo in 1970, reaching an average annual economic growth of more than 10 percent, becoming the world's second largest economy in 1970s and achieving 30 years of economic growth until the 1980s. Implicated by the appreciation of the Yen and low interest rate policy, however, Japan has underg...
...954. However, once Japan began to flourish, it has now become the world’s 14th richest country – having a GDP per capita of $32,640 (2006). Despite a major stock market crash in 1990, from which the country is recovering gradually, Japan remains a global economic power today and is now bidding for a permanent seat on the United Nations Security Council.
Nakamura, Takafusa. [1971] 1983. Economic Growth in Prewar Japan. Translated by Robert A. Feldman. New Haven: Yale University Press.
Modern Japan: A Historical Survey focuses on the economic, political, and social developments by discussing how it shaped modern Japan. An example would be that he describes how the economical growth during the 50s and 60s have impacted social groups of people positively and how social groups have benefited from the rise of the economy. This is a secondary source and the audience are fellow scholars. This source was produced for the sake of analyzing how political, economical, and social developments have shaped modern Japan.
In the following paper I will be examining the process of economic development in Japan. I begin with their history in the Meiji period and how that effected their great success in the postwar development. Then I will go through the different economic stages of economic development in postwar Japan. I will examine the high periods and low period in Japan economics, and the factors behind these shifts in development. Last I will give a conclusion and where I believe Japan economy will be in the future.
Shortly after the Second World War, the economy of Japan started to revive. Then, Japan had entered a period of high-speed development. However, with the bursting of bubble economy, Japan’s economy had experienced a great recession. This essay intends to make clear the emergence of the bubble economy and why Japan recovers so slowly.
undervalue of yen was the reason of Japan's huge trade surplus. In order to impr...
It can be argued that dollarization is a legitimate option for developing nations for a couple for reasons. The first reason being, that the opinions in favor of a local currency are not as strong as they seem when faced with reality. A country’s ability to print money has led to not lower, but higher, interest rates in a majority of...
The U.K. and Japan seem natural subjects for comparison. British and Japanese observers alike have long been fascinated by the many parallels (and the even more numerous divergences) in the histories of these two island nations. Particularly interesting about these two was the "economic role reversal” which occurred between Japan and Britain over the course of the twentieth century. In 1900, the United Kingdom was the world's dominant colonial, financial and naval power, as well as a center of industrial production and technological innovation. Japan was a mere up-start, a precocious and aspiring, but still unthreatening, economic competitor in East Asia. The beginning of the twentieth century, and more accurately the 1950s, saw Japan and Great Britain’s economic “role” reverse. Although Britain has enjoyed healthy growth rates and rising standards of living over the past 100 years, it has been progressively eclipsed by Japan as an economic superpower and an international model. Indeed, Britain's accomplishments have paled in comparison to Japan's meteoric rise: while Japan has emerged as the outstanding economic "success story" of the twentieth century, Great Britain's relatively modest performance has been both discouraging and confounding.
In conclusion, I tried to explain what experienced in Japan during the first years of rapid economic growth in terms of its social consequences. According to my argument, I tried to show imbalances which occurred with economic development in post- war Japan. In other words, economic development cannot appear as linear social development. Post- war Japan has witnessed positive and negative social consequences after implementing economic recovery. Therefore, we can say that society cannot always embrace economic development positively. Economic transformation brings its own waves and thus society fluctuates regarding its embracement. Japanese society received its share with this economic recovery during post- war period.
So, if Japan does not “belong” to Asia, does it belong to some other amorphous collection of nations, namely Europe or the West? Certainly in the modern post-WWII era Japan has seen phenomenal economic growth, even to the point of threatening the US as the primary global economic power during the height of the “bubble economy.” Some credit this success to the changes implemented during the US occupation. Undoubtedly without US assistan...
O'Bryan, Scott. 2009. Growth Idea : Purpose and Prosperity in Postwar Japan. University of Hawaii Press, 2009. eBook Collection (EBSCOhost), EBSCOhost (accessed December 4, 2011).
Whereas the end result of the present-day currency war is uncertain, some variant of a worst-case scenario is nearly guaranteed if the world’s economic leaders don’t learn from the miscalculations and faults of the people that came before them. In Currency Wars, Rickards describes the web of failed paradigms, arrogance, and wishful thinking, in an attempt to lead to a more effective and informed plan of action when it comes to nations, governments, and currency wars.
Like other developed exchanges it provide a multitude services that make participating in the Japanese market easy, safe and efficient. By being an exchange alone it provides efficiency in the market. All participants know where they can find each other, what is available sale, how many shares are for sale, and what prices are trades executing at. Having a single place where the two parties meet to conduct trades also adds liquidity to the Japanese market. If a recent purchaser of stock decides that he no longer wants ownership of that stock he can put it back on the market immediately where the exchange will match his trade with a buyer whose was looking to purchase shares in that company. The seller does not have to put excessive effort into looking for a new buyer, any potential buyer is already on the exchange waiting to make a trade at a fair price. Market participants only have to send their trades, the Japanese exchange will match them at similar prices which leads to next benefit to Japan of having exchanges; price discovery. Price discovery happens much faster when trades are conducted over on exchanges. There are no long negotiations over the price of a share, a share is worth the price at which the last trade was executed. The JPX provides all of these benefits through its operation and adds further efficiency to markets through technology. Technology has shaped the development of the Japanese equity market
Japan’s rising yen and the decline of the US dollar, East Asia Forum, 2011. Available at: