Economy of Japan has been recognized as second largest in global arena and stands next to United States. Of late, Japan economic conditions are highly developed and efficient. On basis of productivity, Japan ranks 19th among 111 countries. Labor and work force of Japan is extremely efficient and well trained. It has been found that Japan has very HIGH levels of savings and investment rates.
On basis of purchasing power parity, Japan stands third to global economic giants US and China. As per information on economic conditions in Japan it has close and intermingling structures of manufacturers, suppliers, and distributors that function for economic betterment of Japan. This gives urban labor force guarantee of lifetime employment. However, this economic structure has come under pressure because of global competition and economic crisis. Reports on economic conditions at Japan suggest that demographic change also led to change of structure. Japan has an unemployment rate of 4.2 percent as was estimated in financial year 2008.
Labor force that is used by Japan is distributed at various sectors. As was found in 2008, 66.15 million was labor force in economy of Japan. Japan economic conditions are largely dependant on labor force. In agricultural sector, there is a labor force of almost 4.4 percent, while, industrial sector uses approximately 27.9 percent of labor force. Service sector has been estimated to have largest labor force, which is close to 66.4 percent.
Purchasing power parity accounted for $4.487 trillion of GDP as was projected in fiscal 2008. Official exchange rate was $4.844 trillion, while growth rate of GDP happened to be 0.7 percent. In 2008, $35,300 was estimated to be per capita GDP.
As was found in financial year 2008, agricultural sector contributed 1.4 percent to GDP, while industrial sector offered 26.4 percent to GDP. Service sector contributed 72.1 percent. Economic conditions of Japan also rely on service sector. Service sectors in Japan include retailing, banking, insurance, real estate, transportation and telecommunications. World famous industries like Mitsubishi Estate, Mitsubishi UFJ, Tokyo Marine, Mizuho, NTT, TEPCO, Nomura, JR East, Seven & I and Japan Airlines belong to Japan. These industries account for developed Japan economic conditions.
Rice is major crop of Japan and contributes a lot to economic conditions of Japan. It is self sufficient in production of rice and also fishery also add prosperity and stability to Japan economic conditions.
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Only a year ago, Nigeria’s economic dream – to be one of the world’s top 20 economies by 2020 – still seemed reachable. Today, domestic threats are increasing, while the international environment is far more challenging.
Professor at Columbia University. Recipient of the Nobel Memorial Prize in Economic Sciences in 2001 & the John Bates Clark Medal in 1979. Author of "Freefall: America, Free Markets", "The Sinking of the World Economy", "Globalisation and its Discontents" & "Making Globalisation Work".
Mario I. Blejer is a former governor of the Central Bank of Argentina and former Director of the Center for Central Banking Studies at the Bank of England. Eduardo Levy Yeyati is Professor of Economics at Universidad Torcuato Di Tella and Senior Fellow at The Brookings Institution.
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