A Political and Economic Dictionary of Western Europe, First Edition
Japan is the world’s second largest economy after the USA and a close economic partner of the European Union (EU). Japan’s strong economy was developed through the car and electronics industries during the post-war era and it rapidly overtook many Western European economies. The Japanese economy is characterized by close co-operation between the government and industry, technologically advanced production methods and a strong work ethic among workers who are guaranteed lifelong employment in a firm. Industrial production is organized in closely co-ordinated groups (Keiretsu) of manufacturers, suppliers and distributors. The Japanese economy grew on average by 10% in the 1960s, 5% in the 1970s and 4% in the 1980s. In the 1990s, however, growth slowed to an average of 1.6%. Since then many of the traditional features of the Japanese economic model have begun to erode. Economic recovery has been slow and government debt stands at 150% of gross domestic product.
GNP: US $4,523,300m. (2001); GNP per caput: $35,610 (2001); GNP at PPP: $3,246,000m. (2001); GNP per caput at PPP: $25,550 (2001); GDP: $4,141,431m. (2001); exports: $448,107m. (2001); imports: $421,627m. (2001); currency: yen; unemployment: 5.4% (2002).
Japan is the EU’s third largest export market and the EU is Japan’s second largest export market. Japanese exports to the EU increased by more than 40% in 1993–2001, from €50,100m. to €72,300m., and EU exports to Japan nearly doubled during the same period, from €28,800m. to €53,700m. The member states of the EU have benefited from high levels of Japanese foreign direct investment (FDI) and, from the late 1990s, EU FDI in Japan increased significantly (by 24% in 1999). The EU is now Japan’s most important source of FDI. Japan and the EU co-operate closely in the World Trade Organization.
Area: 378,000sq km; capital: Tokyo; population: 127m. (2001).
Japan is a constitutional monarchy and a parliamentary democracy. The head of state is Emperor Akihito who acceded to the throne in 1990. According to the Constitution of 1947, legislative power is vested with the bicameral Diet, or Kokkai. This comprises the House of Councillors (Sangiin) and the House of Representatives (Shugiin). The head of government is elected following parliamentary elections, held most recently on 9 November 2003. Since April 2001 this has been Prime Minister Junichiro Koizumi of the Liberal Democratic Party. In office Junichiro Koizumi has sought to revive the economy and reform the political system.
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