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A Country Analysis

Of

Japan

Submitted to:- Submitted by:-

Mr. Ashutosh Sharma Veeraj Vashishtha

(Faculty Global Business) (MBA Year 1)

(NIIT University) (FMG 061)

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Veeraj NU MBA (FMG 061)

ACKNOWLEDGEMENT

This report has been prepared to give a brief introduction of Japan, covering trade patterns,

demographics, laws and regulations, policies by Japanese government. A brief analysis of

balance of payment and trade is also done to analyse the situation in Japanese economy from

an investor point of view and looking forward towards Japan not only as any other nation but

as an opportunity to do business. This project has helped us in broadening our perspectives of

thinking as a management graduate. As this project covered all the points, it was not a easy

job to be completed, the analysis of minute things about the economy and trend has helped a

lot in developing a practical approach towards the subject. At times I felt a chill of anxiety

and thrill, but the project included some interesting things as data gathering, data analysis,

drawing figures which developed creativity in me and because of which this project became a

success. The project not only let us think more practically, but also acted as a drop of

knowledge into the vessel of our minds as we were able to figure out what was estimable in

the Japanese economy and what was bad. Though I have mentioned all the things I learnt

while working on this project I would like to mention a name without whom this project was

not possible. I express my sincere gratitude to our faculty Mr. Ashutosh, whose critical

analysis from time to time have lead me to develop this report and his able guidance gave the

direction of study and was eager enough to quench my instable thirst of answering to the

smallest of the queries. I shall cherish his help and guidance for a long time to come.

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Table of Contents A Brief History ................................................................................................................................... 5

Country Size ...................................................................................................................................... 5

CLIMATE ............................................................................................................................................ 6

Ethnic Groups, Languages and Religions ............................................................................................ 6

Demographics Trends and Population Structure ................................................................................ 7

Major Exporting Partners and Composition of Exports ....................................................................... 7

Major Importing Partners and Composition of Imports ...................................................................... 8

Economy Sector Composition ............................................................................................................ 8

Automotive Parts .............................................................................................................................. 8

Retail ................................................................................................................................................. 8

ICT ..................................................................................................................................................... 9

Biotechnology ................................................................................................................................... 9

Medical Care ..................................................................................................................................... 9

Environment ..................................................................................................................................... 9

FDI and Trade .................................................................................................................................... 9

Japan GDP growth rate .................................................................................................................... 10

GDP per capita ................................................................................................................................ 11

Unemployment Rate ..................................................................................................................... 11

Currency (YEN) ................................................................................................................................ 11

Balance of Trade . ........................................................................................................................... 12

Type of Government and Political Conditions .................................................................................. 12

Human Development Indicator ........................................................................................................ 12

Japan’s membership in International Organizations. ........................................................................ 12

Conclusion ...................................................................................................................................... 15

Figure 1 ........................................................................................................................................... 16

Figure 2 ........................................................................................................................................... 17

Figure 3 ........................................................................................................................................... 18

Figure 4 ........................................................................................................................................... 19

Figure 5 ........................................................................................................................................... 20

Figure 6 ........................................................................................................................................... 20

Figure 8 ........................................................................................................................................... 22

Figure 9 ........................................................................................................................................... 22

Figure 10 ......................................................................................................................................... 23

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Figure 11 ......................................................................................................................................... 23

Figure 12 ......................................................................................................................................... 24

Figure 13 ......................................................................................................................................... 24

References Links .............................................................................................................................. 25

Bibliography .................................................................................................................................... 26

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A Brief History

The economic history of Japan is one of the most studied for its spectacular growth after the

Meiji Restoration when it became the first non-European Power and after the Second World

War when the island nation rose to become the world's second largest economy. Though

there has been many ups and downs in Japanese economy but because of it’s clear cut

policies of liberalization and manufacturing Japan has managed to beat the threat of slowing

down it’s growth. Japan is highly earthquake prone and typhoons in Japan are very common

due to this Japan has emerged as a developer of houses that can sustain huge shocks of

earthquakes. Japan was primarily an agrarian economy and later shifted to manufacturing.

Manufacturing has been a key element in Japan's economic expansion during three periods of

phenomenal growth. First, during the 50-year rise of Japan from a feudal society in 1868 to a

major world power in 1918, output in manufacturing rose more rapidly than that of other

sectors. Second, during the 1930s, when Japan recovered from the world depression earlier

and faster than any other country and embarked on an aggressive course in Asia,

manufacturing, especially heavy industries, again had the highest rate of growth. Third, in the

remarkable recovery since World War II, manufacturing, which had suffered severely during

the latter stages of the war, was again a leader, although commerce and finance expanded

even more rapidly. Even though most of the Japanese industries were destroyed in Hiroshima

and Nagasaki Atomic Bombings, Japan managed to grow at a commendable pace. During the

1970s and early 1980s, the rate of Japan's industrial growth surpassed that of any other non-

Communist industrialized country. Of the 26 largest industrial companies in the world in the

mid-1980s—those with sales of $20 billion or more—four were Japanese: Toyota Motor,

Matsushita Electric, Hitachi, and Nissan Motor. In addition to spectacular expansion in the

volume of output, Japanese industry has also achieved impressive diversity, with maximal

application of efficiency standards and technological input. In 1997, industry accounted for

about 38% of GDP and 33% of the total labour force.

Country Size

The geographical area of Japan is 377,835 square kilo meters (145,883 square miles) which

accounts 0.074% area of the whole world, out of which 374,834 km2 (144,724

square miles) is land and 3,091 km2 (1,193 square miles) is water. The highest point on

mainland is Mount Fuji (Fujiyama) (3,776 meters/12,388 feet) and the lowest point on land

is Hachirogata (4 meters/13.1 feet below sea level). The time zone that Japan follows

is 9 P.M. = noon GMT. The longest distances is of 3,008 kilo meters (1,869 miles) from

northeast to southwest; and 1,645 kilo meters (1,022 miles) from southeast to northwest.

There are no land boundaries, states or provinces in Japan. Japan has a coastline of 29,751

kilo meters (18,486 miles) and Territorial sea limits of 22 kilo meters (12 nautical miles). The

currency of Japan is yen (¥) and is equivalent to 100 sen. Yen is issued in coins of 1, 5, 10,

50, 100, and 500 yen, and notes of 500, 1,000, 5,000, and 10,000 yen. ¥1 = $0.0083 (or $1 =

¥120) as of May 2003.

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CLIMATE

Most of Japan is in the temperate zone, with the exception of the subtropical southern island

chains. There are four distinct seasons: winter (December through February), spring (March

through May), summer (June through August), and autumn (September through November.)

The average annual temperature is 15°C (59°F) with a winter range of -9°C to 16° C (15°F to

61°F) and a summer range of 20°C to 28°C (68°F to 82°F). Humidity is high, ranging from

50 percent to 75 percent.

The peak rainy season is from May to October, with some regional variations. Yearly rainfall

averages 100 to 250 centi meters (39 to 98 inches). Southern Shikoku Island is particularly

vulnerable to typhoons, which are violent cyclonic storms from the Pacific. In regions

bordering the Sea of Japan, the winter monsoon, laden with snow, can be destructive.

Snowfall is generally heavy along the western coast, where it covers the ground for almost

four months. Sometimes typhoons, bringing fresh torrents of water to the rivers, convert

whole plains into vast lakes and sweep away roads and railroads.

Ethnic Groups, Languages and Religions

The Japanese people originating in the Japan are called as (日本人 Nihonjin, Nipponjin?)

archipelago and are the predominant ethnic group of Japan and the people having Japanese

ancestry but live in other countries are referred to as nikkeijin (日系人?). There are some

other ethnic groups also like Yamato, Ainu and Ryukyuan. The language spoken in Japan is

Japanese, The Japanese language is a Japonic language that is sometimes treated as

a language isolate; it is also related to the Ryukyuan languages, and both are suggested to be

part of the proposed Altaic language family. The Japanese language has a tripartite writing

system using Hiragana, Katakana,and Kanji.Domestic Japanese people use primarily

Japanese for daily interaction. The adult literacy rate in Japan exceeds 99%. Japanese religion

has traditionally been syncretic in nature, combining elements of Buddhism and Shinto.

Shinto, a polytheistic religion with no book of religious canon, is Japan's native religion.

Shinto was one of the traditional grounds for the right to the throne of the Japanese imperial

family, and was codified as the state religion in 1868 (State Shinto was abolished by

the American occupation in 1945). Mahayana Buddhism came to Japan in the sixth century

and evolved into many different sects. Today the largest form of Buddhism among Japanese

people is the Jōdo Shinshū sect founded by Shinran. Most Japanese people (84% to

96%) profess to believe in both Shinto and Buddhism. The Japanese people's religion

functions mostly as a foundation for mythology, traditions, and neighbourhood activities,

rather than as the single source of moral guidelines for one's life.

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Demographics Trends and Population Structure

As of March 2009, Japan's population is 127,076,183, making it the world's tenth most

populated country. Its size can be attributed to fast growth rates experienced during the late

19th and early 20th centuries. Japan experienced net population loss in recent years due to

falling birth rates and almost no net immigration, despite having one of the highest life

expectancies in the world at 81.25 years of age as of 2006. The population decreased by

183,000 in 2009. Japan is an urban society with about only 5% of the labour force engaged

in agriculture. Many farmers supplement their income with part-time jobs in nearby towns

and cities. Japanese people enjoy a high standard of living, and nearly 90% of the population

consider themselves part of the middle class. However, many studies on happiness and

satisfaction with life tend to find that Japanese people average relatively low levels of life

satisfaction and happiness when compared to most of the highly developed world; the levels

have remained consistent if not declining slightly over the last half century.

Major Exporting Partners and Composition of Exports

Japan's major trading partners are the Asian Pacific countries, the United States, the EU, and

the Persian Gulf countries. The United States is Japan's largest single trading partner. In

1999, it accounted for 30.7 percent of Japan's exports, an increase from its share of 27.3

percent in 1995. As a group of countries, the Asian Pacific countries (South Korea, Taiwan,

Hong Kong, China, Singapore, Thailand, and Malaysia) form the largest collective trading

partner of Japan. In 1999, they accounted for 37.2 percent of its exports, a decrease from their

1995 share of 43.2 percent. The Asian financial crisis of the 1990s resulted in a decline in

Japan's exports to these countries. The EU (especially Germany and the United Kingdom) is

Japan's third largest trading partner, accounting for a 17.8 percent share of Japan's exports,

compared to its 1995 shares of 15.9. Major exports of Japan include electrical equipment and

machinery, electronics, telecommunication and computer devices and parts, transport

equipment and motor vehicles, non-electrical machinery, chemicals, and metals. In 2000, the

values of Japan's exports were $450 billion. (Refer Figure 1, 2, 4 )

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Major Importing Partners and Composition of Imports

The United States is Japan's largest single trading partner. In 1999, it accounted for 21.7

percent of its imports, a decrease from its 1995 share of 22.4 percent. As a group of countries,

the Asian Pacific countries (South Korea, Taiwan, Hong Kong, China, Singapore, Thailand,

and Malaysia) form the largest collective trading partner of Japan. In 1999, they accounted

39.6 percent of its imports, an increase from their 1995 share of 36 percent. As the main oil

suppliers to Japan, the United Arab Emirates and Saudi Arabia accounted for 5.5 percent of

Japan's imports in 1999, a small decrease from their share of 5.9 percent in 1995. The EU

(especially Germany and the United Kingdom) is Japan's third largest trading partner,

accounting for a 13.8 percent of its imports in 1999, compared to its 1995 shares of 14.5

percent. Japan's economic slowdown of the 1990s reduced its fuel requirements and therefore

lowered its imports from the United States and the EU. Its imports are mainly machinery and

equipment, raw materials, including minerals and fuel (oil, liquefied natural gas, and coal),

agricultural products, and fishery products. (Refer Figure 3 and 5)

Economy Sector Composition

The main contribution to Japanese economy is done by services sector, services sector alone

contributes 74.6% to the GDP, at the second spot is industry which contributes 24% to the GDP.

Automotive Parts

The year 2006 was one in which Japan led the world in terms of the number of automobiles

produced. Japanese automobile manufacturers produced more than 20 million units

worldwide, more than half of which were manufactured in Japan. Moreover, the export rate

of domestically produced vehicles exceeded 50%.

Retail

Japan boasts the world's second largest retail market, with a value exceeding US$1,124

billion. In addition to its size, the enormous influence of Japan's retail industry attracts global

attention as being the origin of many Asian trends. For retailers in particular, the Japanese

market offers an abundance of diverse opportunities to sell products and services that offer

luxury, style, convenience and high value.

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ICT

The ICT industry has broadened its focus beyond manufacturing equipment to maintenance

and management services as well as creating audio, video, print and digital content. These

developments are anticipated to create a variety of new opportunities in Japan's ICT market.

Biotechnology

In 2005, Japan's biotechnology market was an estimated 1.76 trillion yen, making it the

second largest in the world, after the U.S. The market is expected to continue to grow and

expected to reach 25 trillion yen by 2010 due to factors such as the aging of society and

increasing health awareness.

Medical Care

As Japan's population ages more rapidly than that of any other developed country, the

medical care and welfare markets in Japan are expected to expand significantly in the future.

In response to the public's increased awareness of health issues and the government's

implementation of supportive policies, the market is showing signs of developing new fields

that include preventive medicine and nursing care services with emphasis on the prevention

of age-related diseases.

Environment

According to a survey conducted in 2003 by the Ministry of the Environment, the eco

business market is projected to grow from 28.9 trillion yen in 2000 to 62 trillion yen in by the

end of 2012. Eco businesses that provide technology, products, or services that contribute to

the protection of the environment play a vital role in the creation of a sustainable

socioeconomic system with a low environmental impact, and the government will continue to

actively promote and foster these businesses in the future.

FDI and Trade

The shift of Japanese production abroad has stimulated imports from overseas affiliates in

particular, the share of manufactured goods in total imports has grown. Analysis indicates that a

higher stock of Japanese FDI has permanently affected imports—between 1990 and 1995,

outward FDI may have increased merchandise imports by around 10 percent. The relationship

between FDI and exports is more complex. FDI flows of Japan have a significant impact on

exports but that the stock of FDI has no significant effect. In other words, FDI has only a

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temporary impact on Japanese exports— plausibly because new facilities set up by Japanese

firms are often equipped using capital goods from Japan. Once production overseas is on track,

however, the finished products that were once exported from Japan will be manufactured

overseas. It is difficult to determine a prior whether FDI results in a long-term rise or fall in total

exports, but the impact of FDI on the export structure is more clear-cut—exports of capital goods

rise and exports of consumer goods decline. And, of course, exports from firms located abroad

increase as their production increases. (Refer Figure 6 and 7)

Japan GDP growth rate

The Gross Domestic Product (GDP) in Japan contracted 0.2 percent in the fourth quarter of

2011 over the previous quarter. Historically, from 1980 until 2011, Japan's average quarterly

GDP Growth was 0.52 percent reaching an historical high of 3.15 percent in June of 1990 and

a record low of -4.90 percent in March of 2009. Japan's industrialized, free market economy

is the second-largest in the world. Its economy is highly efficient and competitive in areas

linked to international trade, but productivity is far lower in protected areas such as

agriculture, distribution, and services. Japan's reservoir of industrial leadership and

technicians, well-educated and industrious work force, high savings and investment rates, and

intensive promotion of industrial development and foreign trade produced a mature industrial

economy. Japan has few natural resources, and trade helps it earn the foreign exchange

needed to purchase raw materials for its economy. (Refer Figure 8)

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GDP per capita

The GDP per capita in Japan was last reported at 39310 US dollars in December of 2010,

according to the World Bank. Previously, the GDP per capita in Japan standed at 37766 US

dollars in December of 2009. The GDP per capita in Japan is obtained by dividing the

country’s gross domestic product, adjusted by inflation, by the total population. Historically,

from 1960 until 2010, Japan's average GDP Per Capita was 26593.62 dollars reaching an

historical high of 40707.00 dollars in December of 2007 and a record low of 7117.79 dollars

in December of 1960. (Refer Figure 10)

Unemployment Rate

Japan is progressing at a high pace and growth of Japan is acclivitous always, Japan has

managed to slow down the unemployment rate in 1968 Japan reported a record low

unemployment rate of 1.00 percent in November of 1968. Japan has set up an example by

lowering down it’s unemployment rate in front of the world. There has been a lot of research

done that how can other nations also lower down their unemployment rate, can they also

practice strategies that Japan follows. The unemployment rate in Japan was 4.60% in January

2012. (Refer Figure 11)

Currency (YEN)

The Japanese Yen (sign: ¥; code: JPY) is the official currency of Japan. It is the third most

traded currency in the foreign exchange market after the United States dollar and the euro. It

is also widely used as a reserve currency after the U.S. dollar, the euro and the pound sterling.

As is common when counting in East Asia, large quantities of yen are often counted in

multiples of 10,000 in the same way as values in Western countries are often quoted in

thousands. The yen declined during the Japanese asset price bubble and continued to do so

afterwards, reaching a low of ¥134 to US$1 in February 2002. The Bank of Japan's policy of

zero interest rates has discouraged yen investments, with the carry trade of investors

borrowing yen and investing in better-paying currencies (thus further pushing down the yen)

estimated to be as large as $1 trillion (Refer figure 9).

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Balance of Trade

Balance of trade is the difference between the imports and the exports of a country. As Japan

has always recorded a trade surplus now it is becoming difficult for Japan to cope up with the

same as there fuel requirements are growing Japan has to import a lot. Japan also faced a

Tsunami in March 2011, which bought huge losses to human lives, but also slowed down the

growth as governments budget diverted to rebuilding the areas affected by the tsunami. Japan

reported a trade deficit equivalent to 1475 Billion JPY in January of 2012. (Refer figure 12).

Type of Government and Political Conditions

Japan is a constitutional monarchy and parliamentary democracy form of government. The

emperor is the symbol of the state, but the executive power is vested in the cabinet which

consists of ministers who are civilians of the state and prime ministers who must be a Diet

member and appointed by his or her colleague. The type of government Japan has is of

Constitutional monarchy with a parliamentary government. Japan’s constitution was bought

into practice on May 3, 1947. There are several branches of the governing body in Japan

which is as follows

Branches:

Executive—Prime Minister (head of government).

Legislative-- bicameral Diet (House of Representatives and House of Councillors).

Judicial-- civil law system based on the model of Roman law.

Administrative subdivisions: 47 prefectures.

Political parties: Democratic Party of Japan (DPJ),

Social Democratic Party (SDP),

People’s New Party (PNP),

Liberal Democratic Party (LDP),

New Komeito Party (NK),

Japan Communist Party (JCP),

Your Party (YP).

Human Development Indicator

Japan is ranked 12th

in the HDI index amongst 187 nations which shows a positive sign about

Japans strategies of keeping their employees happy and developing a workforce which is

highly skilled and educated by giving them appraisable health facilities. (Refer Figure 13 )

Japan’s membership in International Organizations.

Japan is a member of following international organisations. The list is as follows:-

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African Development Bank Group (AfDB) (non regional member)

Asian Development Bank (ADB)

Asia-Pacific Economic Cooperation (APEC)

Asia-Pacific Tele community (APT)

Association of Southeast Asian Nations (ASEAN) (dialogue partner)

Association of Southeast Asian Nations Regional Forum (ARF)

Australia Group

Bank for International Settlements (BIS)

Colombo Plan (CP)

Council of Europe (CE) (observer)

East Asia Summit (EAS)

European Bank for Reconstruction and Development (EBRD)

European Organization for Nuclear Research (CERN) (observer)

Food and Agriculture Organization (FAO)

Group of Five (G5)

Group of Seven (G7)

Group of Eight (G8)

Group of Ten (G10)

Group of Twenty Finance Ministers and Central Bank Governors (G20)

Inter-American Development Bank (IADB)

International Atomic Energy Agency (IAEA)

International Bank for Reconstruction and Development (IBRD)

International Chamber of Commerce (ICC)

International Civil Aviation Organization (ICAO)

International Criminal Court (ICCt)

International Criminal Police Organization (Interpol)

International Development Association (IDA)

International Energy Agency (IEA)

International Federation of Red Cross and Red Crescent Societies (IFRCS)

International Finance Corporation (IFC)

International Fund for Agricultural Development (IFAD)

International Hydrographic Organization (IHO)

International Labour Organization (ILO)

International Maritime Organization (IMO)

International Mobile Satellite Organization (IMSO)

International Monetary Fund (IMF)

International Olympic Committee (IOC)

International Organization for Migration (IOM)

International Organization for Standardization (ISO)

International Red Cross and Red Crescent Movement (ICRM)

International Telecommunication Union (ITU)

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International Telecommunications Satellite Organization (ITSO)

International Trade Union Confederation (ITUC)

Inter-Parliamentary Union (IPU)

Latin American Integration Association (LAIA)

Multilateral Investment Guarantee Agency (MIGA)

Nuclear Energy Agency (NEA)

Nuclear Suppliers Group (NSG)

Organization for Economic Cooperation and Development (OECD)

Organization for Security and Cooperation in Europe (OSCE) (partner)

Organization for the Prohibition of Chemical Weapons (OPCW)

Organization of American States (OAS) (observer)

Pacific Islands Forum (PIF) (partner)

Paris Club

Permanent Court of Arbitration (PCA)

South Asian Association for Regional Cooperation (SAARC) (observer)

Southeast European Cooperative Initiative (SECI) (observer)

United Nations (UN)

United Nations Conference on Trade and Development (UNCTAD)

United Nations Disengagement Observer Force (UNDOF)

United Nations Educational, Scientific, and Cultural Organization (UNESCO)

United Nations High Commissioner for Refugees (UNHCR)

United Nations Industrial Development Organization (UNIDO)

United Nations Institute for Training and Research (UNITAR)

United Nations Relief and Works Agency for Palestine Refugees in the Near

East(UNRWA)

Universal Postal Union (UPU)

World Confederation of Labour (WCL)

World Customs Organization (WCO)

World Federation of Trade Unions (WFTU)

World Health Organization (WHO)

World Intellectual Property Organization (WIPO)

World Meteorological Organization (WMO)

World Tourism Organization (UNWTO)

World Trade Organization (WTO)

Zangger Committee (ZC)

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Conclusion

Japan is the third largest economy of the world. With ranking at second spot in car

manufacturing, Japan is the largest manufacturers of electronic goods. Japan has created

history by showing a remarkable growth rate even after facing numerous natural calamities

and the disaster of Hiroshima and Nagasaki bombings during world war second. Sixty eight

out of fortune five hundred companies are Japanese. Japan also faced an asset bubble in 90’s

due to high rise in real estate prices but sooner was able to come out of the economic

slowdown. Till 2010 Japan was the second largest economy in the world but was surpassed

by China. Japan is also earthquake prone and it faced Tsunami in 2011 losing 20000 people

and killing many. As Japan cannot fulfil fuel requirements and imports a huge amount if it, it

seems to be a problem from an investor point of view. Also Japan’s most of the population is

aging, so a investor may face workforce problem after a significant amount of time. But the

facts reveal that Japan has never laid down it’s arms in front of any problem whether it be

economic slowdown, natural calamity, bubble burst or world war. Japanese economy has

always shown miracles and has been able to set benchmarks and examples in front of the

world so I conclude that Japan can be seen as a good investment decision.

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Figure 1

0

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1000000

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Japan

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Figure 2

Merchandise Exports Japan

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Figure 3

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Figure 4

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Figure 5

Figure 6

0

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FDI Outward Stock

China

AsiaNIES

Hong Kong

Taiwan

Korea

Singapore

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Indonesia

Malaysia

Philippines

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India

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Figure 7

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FDI Inward Stock

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Figure 8

Figure 9

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Figure 10

Figure 11

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15 to 64 years old

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Figure 12

Figure 13

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References Links

(1) http://www.doingbusiness.org/data/exploreeconomies/japan/

(2) http://www.venturejapan.com/

(3) hdrstats.undp.org/en/countries/profiles/JPN.html

(4) http://www.japan-guide.com/e/e2195.html

(5) http://www.japancorp.net/reports.asp

(6) http://www.imf.org/external/pubs/ft/fandd/1997/09/pdf/bayoumi.pdf

(7) https://www.cia.gov/library/publications/the-world-factbook/fields/2012.html

(8) http://www.actrav.itcilo.org/actrav-english/telearn/global/ilo/globe/japani.htm

(9) http://www5.cao.go.jp/keizai1/2012/0124mitoshi-e.pdf

(10) http://www.esri.go.jp/en/tie/je1970s/je1970s-e.pdf

(11) http://www.jetro.go.jp/en/reports/statistics/

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Bibliography

(1) World Bank

(2) Nations Encyclopaedia

(3) Japanese Guide

(4) Trading economics

(5) Japanese Governments sites

(6) UNCTAD

(7) OECD

(8) CIA