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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Eric J. Gleacher Distinguished Service Professor of Finance at the Booth School of Business at the University of Chicago. IMF’s Chief Economist from September 2003 to January 2007. Inaugural recipient of the Fischer Black Prize.
Professor of Economics & Director of the Earth Institute at Columbia University. Special Adviser to the UN Secretary-General on the Millennium Development Goals. Founder & co-President of the Millennium Promise Alliance.
Vice President and Director of the Global Economy and Development Program at the Brookings Institution. Former Turkish Minister of State for Economic Affairs. Head of the United Nations Development Program (UNDP) from 2005-2009.