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Japanese economy

Japanese economy. „ Stagnation vs. Recovery “. Krystyna Šípošová. Content. Economic profile What caused the crisis? Slowdown factors Driving factors Positive signs for the future Conclusion. Economic Profile. industrialized, free-market economy currency - ¥ Japanese Yen

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Japanese economy

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  1. Japanese economy „Stagnation vs. Recovery“ Krystyna Šípošová

  2. Content • Economic profile • What caused the crisis? • Slowdown factors • Driving factors • Positive signs for the future • Conclusion

  3. Economic Profile • industrialized, free-market economy • currency -¥ Japanese Yen • the world's 2. largest economy after US (GNP) • the 4. largest after the US, China, India by PPP • est. GDP growth I,5 % • inflation -0,5% • unemployment 4,7%

  4. Trade and industries • Exports - cars, electronic devices, computers US, China, South Korea,Taiwan, Hong Kong • Imports - raw materials, oil, foodstuffs, wood China, US, South Korea, Australia • Industries - motor vehicles, industrial and transportation equipment,electronics, chemicals, steel, machine tools, processed foods, nonferrous metals, agriculture 2% of GNP

  5. What caused the crisis? • 1980's, real estate prices soared to super inflated levels • 1989-90, burst of „bubble economy“- land and stock prices plunged • bad loans, banking crisis • 1997 - consumption tax increase from 3% - 5%

  6. Slowdown factors • decline in population, high % of elderly • low openness to foreign market high regulation, formal & informal trade barriers • lifetime employment • seniority system low productivity, high costs, high prices

  7. Driving factors • reforms – privatization of the Jap. Post • deregulation • deal with non-performing loans • elimination of the budget deficit • stabilization of the financial system • productivity-related wages, flexible labor market economic stabilization and growth

  8. Positive signs for the future • increased labor flexibility • rising employment and wages • growth in GDP and in consumption • increasing importance of shareholder value • increasing number of mergers and acquisitions

  9. Conclusion Japan had largely recovered from „the lost decade.“ (The Times) „Sun also rises.“ (The Economist)

  10. Thank you for your attention!

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