Japan

ECO 649Japan Economy

Background

referred to as the “Land of the Rising Sun” Currency : Japanese Yen Population 127.5 million GDP : $5.1 trillion Japanese economy is the 3rd largest in the

world. Public sector of Japan’s economy is larger than

the private sector. Japan’s economy is highly efficient in terms

of foreign trade but the economy is less efficient in terms of agriculture, service etc.

Economic Sectors of Japan 

Primary Sector Japan Agriculture: land area suitable for agriculture is only 12% which

is too low, the crop yield per hectare is too high and often highest in the world.

Only 4% of the Japan’s work force is employed in this sector.

One of the most prominent types of farming in Japan is the Terrace farming. Japan is self-sufficient in the production of rice, apple, orange, pears etc.

The most important food products imported to Japan are Wheat, soybeans, corn and sorghum.

The subsidies and other protective measures helped in the growth of Japan’s Agricultural Sector

Economic Sectors of Japan 

Japan Fishery: Japan is ranked 2nd just after China in the

World. Fishing industry constitute both a major

industry and export. The most commonly available fishes in

Japan are Salmon, sardine, shrimp, tuna, crab, squid, mackerel, Japanese amberjack, sea bream etc.

One of the world’s largest fishing fleet is in Japan which accounts for 15 % of the global fish catch.

Secondary Sector

Manufacturing Industries  28 % of the Japan’s work force is employed in

this sector. The industrial sector of Japan is highly

advanced and widely diversified. The most important products manufactured

are computers, electronics, transportation vehicles, spare parts, textiles etc.

Food processing industries are also very important and the food products constitutes Japan’s major export commodity.

Tertiary Sector

Service Sector of Japan like banking, transportation, insurance and telecommunication, which form the country’s backbone.

The real estate and retailing are the other most important component of service sector.

Japan Trade

The foreign trade of Japan is an important component of its economy.

The most important commodities exported from Japan are electrical machinery, transport equipments, chemicals etc.

The most important products imported to Japan are fuels, foodstuffs, natural gas etc.

Japan is also rich in terms of its mineral deposits and thus mining industry served in meeting the country’s need for gold, magnesium, silver etc.

Japan also has a well developed pharmaceutical industry. Other major industries are iron, steel, optical media and optoelectronics manufacturing industries.

But the minerals like copper, coke, bauxite, iron ore are imported from other countries. 

Japan Infrastructures

Petroleum is the main source of energy. 1/5 of the country’s energy is obtained from

coal, and about 14% from the natural gas. A quarter of Japan’s electricity is produced

through nuclear power. Road way is the major means

of transportation in Japan which covers about 1.2 million kilometers.

Japan also has a well developed railway system and many airports.

Job Scenario of Japan

3.8% -unemployment rate 2.55 million people unemployed 63.11 million employed

~The End~Thank You!

Arigato!