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JAPAN’S ECONOMY

JAPAN’S ECONOMY. 25 October 2012 by Sigrid Brevik Wangsness. I. Historical Perspectives. Developments in Japan’s economy from 1980 to 2010 : The 1980s: “the golden era” = boom

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JAPAN’S ECONOMY

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  1. JAPAN’S ECONOMY 25 October 2012 by Sigrid Brevik Wangsness

  2. I. Historical Perspectives • Developments in Japan’s economy from 1980 to 2010 : • The 1980s: “the golden era” = boom • The 1990s and the 2000s: Two decades of sluggish growth, recessions and uneven recoveries = economic stagnation/slump

  3. Japan’s Economy in the 1990s • 1990: The stock market crashed • Collapse of the bubble economy: The property market crashed, huge public debts, bankruptcies, government budget deficits, corruption scandals • Deflation

  4. Japan’s Economy in the 1990s • What was at the core of Japan’s economic crisis? • What is meant by “bad loans”? • How did the Japanese government try to help the banks?

  5. Japan’s Economy in the 1990s and 2000s • “The Japanese model” (Discuss its weaknesses!) • Other problems of the Japanese economy in the late 1990s • Reforms implemented by the government in Japan • Why did the recovery not arrive earlier?

  6. Japan’s Economy in the 1990s and 2000s • Many analysts blame the Japanese government for failing to boost demand but rather implementing a stop-go economic policy. Explain. Mistakes in monetary policy? • Other analysts refer to certain aspects of the Japanese corporate culture as main reasons for the economic problems of the 1990s/ 2000s. Which?

  7. Japan’s Economy in the 1990s and 2000s • Explain the following statement (1998), and indicate why it might be true: ”Japan was once feared for its economic might. Today it is feared for its economic weakness”.

  8. II. The Present Situation • The present state of the Japanese economy through economic indicators: • GDP: 3.2% (Q2) (Prediction for 2012: +2.2%) • Inflation: -0.5 (Aug.) (2012: +0.1) • Unemployment rate: 4.2% (Aug.)

  9. The Present Situation • Current-account balance: +$86.2bn (latest 12 mos.) +1.4% of GDP 2012 • Budget balance: -9.2% of GDP 2012 • What is Japan’s ratio of debt to GDP? • Why are Japanese government bonds still popular?(Compendium, p. 70)

  10. The Present Situation • Where is Japan ranked on the list of the world’s top ten largest economies in 2012? • How dependent is Japan’s economy on China? Are they partners or rivals? (Compendium, pp. 72-75) • How dependent is Japan’s economy on the USA?

  11. The Present Situation • When and what was “Japan’s triple disaster”? (Tsunami is a Japanese word in global use. Why do you think?) • On the whole, how did the Japanese people react to the disaster? • Who were the culprits and who were the heroes in this tragedy?

  12. III. Prospects for the Future • Why did Yoshihiko Noda, Japan’s prime minister, finally agree to raise the sales tax in Japan? • Explain why this tax is so controversial (“contentious”) - what are the arguments in favour - and the arguments against? • Explain the title of the article: “A pound of flesh”. (Compendium, pp. 69-71)

  13. IV. The Japanese Business Culture • Outline the main aspects of the Japanese business culture as Richard D. Lewis portrays it. (Compendium, pp. 94-96, 114, 121-122, 127- 128, 137, 161, 162-165)

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