economy of japan

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The economy of Japan is the third largest in the world by nominal GDP,[11][12] the fourth largest by purchasing power parity [13] and is the world's second largest developed economy.[14] According to the International Monetary Fund, the country's per capita GDP (PPP) was at $36,899 or the 22nd highest in 2013.[15] Japan is a member of Group of Eight. The Japanese economy is forecasted by the Quarterly Tankan survey of business sentiment conducted by the Bank of Japan.[16]

Japan is the world's third largest automobile manufacturing country,[17] has the largest electronics goods industry, and is often ranked among the world's most innovative countries leading several measures of global patent filings.[18] Facing increasing competition from China and South Korea,[19] manufacturing in Japan today now focuses primarily on high-tech and precision goods, such as optical instruments, hybrid vehicles, and robotics. Beside the Kantō region,[20][21][22][23] the Kansai region is one of the leading industrial clusters and the manufacturing center for the Japanese economy.[24]

Japan is the world's largest creditor nation,[25][26] generally running an annual trade surplus and having a considerable net international investment surplus. As of 2010, Japan possesses 13.7% of the world's private financial assets (the second largest in the world) at an estimated $14.6 trillion.[27] As of 2013, 62 of the Fortune Global 500 companies are based in Japan.[28 In the three decades of economic development following 1960, Japan ignored defense spending in favor of economic growth,[29][30] thus allowing for a rapid economic growth referred to as the Japanese post-war economic miracle. By the guidance of Ministry of Economy, Trade and Industry,[31] with average growth rates of 10% in the 1960s, 5% in the 1970s, and 4% in the 1980s, Japan was able to establish and maintain itself as the world's second largest economy from 1978 until 2010, when it was supplanted by the People's Republic of...
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