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Japan - the second largest market economy in the World?

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Introduction

��ࡱ�>�� ce����b�������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������5@ ��0�cbjbj�2�2 (��X�X8Y�������������������8� ���_v���������������$�R'������������������������������� 0�^Q������/0_�� � � �������� �� ���������1. Introduction. Now the Japanese economy is the second large market economy in the world, Japan accounts for approximately two-thirds of the total GDP of Asia and therefore has played a major role in Asia economy. Japan is the biggest investor in Asia countries and a crucial financier of world financial markets. Its economic health is important to the overall global economy, especial in Asia Pacific Business Region. Since Japanese "bubble economy" collapsed in 1991s, Japan has grown poor economic performance for several years (1). Moreover Asian financial crisis in 1997 has affected Japanese economy recovery, but Japan still holds the key to successful economic recovery of the APBR. 2. Multiple Explanation of Japan's Economic Success Postwar Japan's extraordinary economic achievements during the post-world war II period inspired awe throughout the world. In the course of three decades, Japan transformed itself from a war-devastated country, whose industrial recovery centered on the production of "cheap gadget" and light consumer goods, into an affluent and technologically sophisticated global industrial leader (refer to Appendix 1). In trade, Japanese export successes have contributed to expanding surpluses in the country's international accounts since the 1970s. These huge surpluses have been invested abroad, creating a huge stock of foreign assets for Japan. By the mid-1980s, Japan had risen to prominence as the world's largest net creditor nation. Japanese economic growth following the American occupation wars remarkable for its magnitude, speed and downright relentlessness. Between 1957 and 1984, Japan's gross national product increased from $3.08 billion to $1.261 billion, a 42-fold jump. Moreover Japan's economy grew at an annual rate of 9 percent per year during the high-growth years of the 1960s (2) (refer to Appendix 2). How was this economic "miracle" achieved? I can discuss these from following reasons. 2.1 Government intervention in the economy and strong government-business relationships Japan has employed a version of "developmental capitalism" that allows for a much greater government role in promoting Japan's international competitiveness than is typical in Anglo-American liberal capitalism (3). ...read more.

Middle

For example, the share of export to East Asia out of Japan's total export increased from 23% in 1985 to 43% in 1996. Similarly, the import share from East Asia also increased from 25% in 1986 to 35% in 1996. Foreign direct investment by Japan in Asia increased two-fold between 1992 and 1997 to $12.26 billion. Japan's government-business alliance is pursuing an Asia-wide version of developmentalism. That is, it is exporting to the region a set of pro-growth government policies and cooperative industry practices designed to help heading manufacturing firms achieve efficiencies and market power by adopting successively more advanced technology (12). Since the mid-1980s, Japanese multinational enterprises (MNEs) have been building vertically integrated production network that they dominate in and across Asian economies. Manufactures of such electrical products as TVs, VCRs, and refrigerators opened assembly plants in China, Thailand, Malaysia, and other countries in Asia where work quality are high and labor inexpensive. On the supply side, Japanese capital continues to follow into Asia in impressive amounts ($7.76 billion in manufacturing investment in 1995, - a 57 percent increased over the volume in 1994). More and more Japanese manufactures are moving into the region. On the demand side, Asian countries continue to rely heavily on Japanese technology to fuel their increasingly export-oriented economies. In 1994, 52.3 percent of Malaysia's technology was imported from Japan, compared with 22.7 percent from the United States (13). In 1995, when Japan undertook FDI, 24 percent of the Japanese affiliates in the Asian newly industrialized economies (NIEs), 33 percent of those in the ASEAN -4 (Malaysia, Indonesia, Thailand, and the Philippines) and 21 percent of these in China. I can mainly talk about the relation about Japan and China, Japan and ASEAN nations. A.Japan - Chinese economic relation Total trade between Japan and China amounted to around US$64 billion (1997), China is Japan's second largest trading partner, which Japan is China's largest trading partner, and interdependence is deepening. ...read more.

Conclusion

"priorities for a sustainable recovery" The Social Cost of the Economic Crisis P309 Consumer International 11.same to reference 10 12.Yamamura & Hatch (1997) " A Looming Entry Barrier : Japan's Production Networks in Asia" P3 [on-line] http: // www.epa.go.jp/NBR Analysis, vol-8, No-1, Essay.htm 13.MITI (Malaysia), Malaysia International Trade and Industry Report, July 1995, P193 NBR Analysis, vol.8, No.1, Essay 14.Far Eastern Economic Review, January 11, 1996, P73, back 15.Economic relation (1996) New ASEAN-Japan Relations for the 21st Century P1 [on- line] http://www.iie.com/ economic relation.htm 16.History of Official Development Assistance (1994) " the Philosophies of Economic This document was downloaded from Coursework.Info - The UK's Coursework Database - http://www.coursework.info/ This document was downloaded from Coursework.Info - The UK's Coursework Database - http://www.coursework.info/ This document was downloaded from Coursework.Info - The UK's Coursework Database - http://www.coursework.info/ This document was downloaded from Coursework.Info - 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