Japan is one of the worlds with the largest economies and the highly developed capitalist country. Japan is a very high in population and very small geographic area, located in the chain of islands between Eastern Asia, the Sea of Japan and the North Pacific Ocean.Japan is known for its extremely fast economic growth rates in the 20th century especially in the first few decades after the Second World War. This growth is based on an unprecedented expansion of industrial production and the development of a huge domestic market, as well as a positive export trade policy.
It has developed a highly diverse manufacturing and service economy and is one of the world’s largest producers of automotive, steel and high technology manufactured goods, especially consumer electronics. The service sector dominates the gross domestic product (GDP) and overall employment ratio.Japan is the third largest economy in the world after the United States and China.
Japan’s consumer economy is large, broad-based and sophisticated. As a percentage of its population, Japan’s middle-class is similar to the United States. Per capita income of $38,900 has consolidated its strength as a consumer market. Driven by its large middle class consumer group, Japan is a major consumer and producer of goods and services and plays a commercial role in the global marketplace. In particular, Japan’s technology and manufacturing-related industries play a leading role in the global economy and global supply chains.
Due to the lack of important natural resources, Japan has long relied on imported energy and raw materials. After the Japanese nuclear reactor was completely shut down after the 2011 earthquake and tsunami disaster, Japan’s industrial sector relied more on imported fossil fuels. To support this large manufacturing industry, Japan has been focused on maintaining its infrastructure by injecting funds into the number of roads it owns, and by investing in alternative energy sources to make it independent of foreign fossil fuels. Japan also has a very efficient high-speed train industry that is known for almost all the time.