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Japanese Economy: An Overview of Growth and Sectors
- 1. Japanese Economy International Islamic University Chittagong Presented By Amranul Hasan Md. Saim Prepared To Md. Rizwan Hasan Associate Professor, IIUC
- 2. Contents Overview of Japanese Economy Economic History Timeline of Economic Development Sectors of the Economy Other Economic Indicator Conclusion
- 3. Overview of Japanese Economy Currency: Japanese yen (JPY) GDP: $4.17 trillion (nominal; 2016) GDP by sector: agriculture: 1.2%, industry: 27.5%, services: 71.4% (2012 est.) Population below poverty line: 16% (2010) Labor force: 65.93 million (2011 est.) Unemployment: 3.4% (2015 est.)`` Main industries: Motor vehicles, Electronic equipment, Machine tools, Steel and nonferrous metals, Ships, Chemicals, Textiles, Processed foods. Exports: $697 billion (2013 est.) Imports: $766.6 billion (2013 est.) Foreign reserves: US$1.264 trillion (Sep 2014)
- 4. 1. Emperor’s Rule Hunting & gathering Clan fight Taika reform Jinshin War 671 NARA Centralization HEIAN Nobles, Decentralization KAMAKURA MUROMACHI SENGGOKU Internal wars, dynamic & fluid society 2. Samurai’s Rule EDO Tokugawa Shogunate Peace, isolation, conservative class society MEIJI Westernization, industrialization, Militarization 3. Modernization 4. Post War WAR (1937-45) Rapid recovery and growth XXXX XXXX XXXX Rice Buddhism Chinese culture & political System WEST: guns & Christianity WEST!!! US occupation (1945-52) X (1868) 1603 Economic History 645 (1185-1333) (8th & 9th century) (710-794) (1868-1912) (794-1185) (1336-1573) Emperor kotoku Emperor Genmai
- 5. Timeline of Economic Development Year Key Events 1904 Japan becomes first Asian country in modern times to defeat a European power when it routs Russia in Manchuria. 1936 Japan signs alliance with Nazi Germany 1941 Japan launches a surprise attack on US Pacific fleet at Pearl Harbor, Hawaii. US and main allies declare war on Japan 1945 US planes drop two atomic bombs on Hiroshima and Nagasaki in August. 1956 Japan joins United Nations. 1964 Olympic Games held in Tokyo. 1982 Japanese car firm Honda opens its first plant in the US. 2011 Japan is overtaken by China as world's second-largest economy. 2012 Former prime minister Shinzo Abe forms government on pledge of stimulating economic growth. 2015 Japan restarts first nuclear reactor at Sendai plant, under new safety rules following 2011 Fukushima disaster. 2015 Economy re-emerges from recession in last quarter of 2014, although growth remains sluggish.
- 6. Sectors of the Economy Different Sectors GDP Composition in Japanese Economy: 23.5, 24% 18, 19% 13.2, 14% 12.5, 13% 6.8, 7% 6.2, 6% 6.2, 6% 5.8, 6% 3.4, 4%0.7, 1%0.05, 0% % OF TOTAL GDP Other service activities Manufacturing Real Estate Wholesale and retail trade Transport and communication Public administration Construction Finance and insurance Electricity, gas and water supply Government service activities Mining Industry GDP value- added $ billions 2012 % of total GDP Other service activities 1,238 23.5% Manufacturing 947 18.0% Real Estate 697 13.2% Wholesale and retail trade 660 12.5% Transport and co mmunication 358 6.8% Public administration 329 6.2% Construction 327 6.2% Finance and insurance 306 5.8% Electricity, gas a nd water supply 179 3.4% Government service activities 41 0.7% Mining 3 0.05% Total 5,268 100%
- 7. Other Economic Indicator Net international investment position: 266,223 billion (1st) Industrial Production Growth Rate: 7.5% (2010 est.) Investment (gross fixed): 20.3% of GDP (2010 est.) Household income or consumption by percentage share: Lowest : 4.8% Highest : 21.7% Agriculture – Products: rice, sugar beets, vegetables, fruit, pork, poultry, dairy products, eggs, fish Exports – Commodities: machinery and equipment, motor vehicles, semiconductors, chemicals Imports – Commodities: machinery and equipment, fuels, foodstuffs, chemicals, textiles, raw materials Exchange rates: Japanese Yen per US$1 – 88.67 (2015), 93.57 (2014), 103.58 (2013), 117.99(2012), 116.18 (2011).
- 8. Electricity: Electricity – consumption: 925.5 billion kWh Electricity – production: 957.9 billion kWh Electricity – exports: 0 kWh Electricity – imports: 0 kWh Electricity – Production by source: Fossil Fuel: 69.7% Hydro: 7.3% Nuclear: 22.5% Other: 0.5% Oil: production: 132,700 bbl/d (21,100 m3/d) (2009) consumption: 4,363,000 bbl/d (693,700 m3/d) (2009) exports: 380,900 barrels per day (60,560 m3/d) (2008) imports: 5,033,000 barrels per day (800,200 m3/d) (2008) net imports: 4,620,000 barrels per day (735,000 m3/d) (2008 est.) proved reserves: 44,120,000 bbl (7,015,000 m3) (1 January 2010 est.) Other Economic Indicator
- 9. Conclusion In the three decades of economic development following 1960, Japan ignored defense spending in favor of economic growth, thus allowing for a rapid economic growth referred to as the Japanese post-war economic miracle. By the guidance of Ministry of Economy, Trade and Industry, with average growth rates of 10% in the 1960s, 5% in the 1970s, and 4% in the 1980s, Japan was able to establish and maintain itself as the world's second largest economy from 1978 until 2010, when it was surpassed by the People's Republic of China. By 1990, income per capita in Japan equaled or surpassed that in most countries in the West.