Japan's
Economy
 The
scope of Japan's economy is second only to that of the United States.
Records indicate that Japan's gross national product was $2.577 trillion in 1999
versus the United States' was $4.864 trillion Japan's continued rapid
economic growth since the nation's modernization began in the later half of the
nineteenth century has gained the world's attention. Economic growth has
not always been steady, however; on a number of occasions, such as after its
defeat in WWII, during the oil crises of the 1970's, and after the collapse of
the bubble economy in the early 1990's, Japan has had to overcome major economic
hardships. Now that the nation's economy generally is prospering in
quantitative terms, the focus has turned to the improvement of the quality
of people's lives.
In
1994, Japan's per capita GDP was $37,618, ranking first among the 24 OECD
nations. While these statistics alone might indicate that the average
Japanese enjoys a comparatively high standard of living, the amounts are based
on the respective dollar exchange rates, which can fluctuate greatly.
The
figures are thus not necessarily an accurate measure of living standards; a
closer examination of various factors is necessary. For example, an EPA
survey conducted in November 1994 revealed that Tokyo's commodity prices were
52% higher than in New York and 50% higher than in London, indicating the
relatively low purchasing power of the Japanese consumer.
Moreover,
residential land prices in Japan, especially in big cities, are so high as to be
beyond comparison with those of other nations, making mortgage or rent payments a
great burden on the average citizen.
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Information
provided by the Japanese Embassy
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