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Japanese economy „Stagnation vs. Recovery“ Krystyna Šípošová
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Content Economic profile What caused the crisis? Slowdown factors Driving factors Positive signs for the future Conclusion
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Economic Profile industrialized, free-market economy currency - ¥ Japanese Yen the world's 2. largest economy after US (GNP) the 4. largest after the US, China, India by PPP est. GDP growth I,5 % inflation -0,5% unemployment 4,7%
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Trade and industries Exports - cars, electronic devices, computers US, China, South Korea, Taiwan, Hong Kong Imports - raw materials, oil, foodstuffs, wood China, US, South Korea, Australia Industries - motor vehicles, industrial and transportation equipment, electronics, chemicals, steel, machine tools, processed foods, nonferrous metals, agriculture 2% of GNP
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What caused the crisis? 1980's, real estate prices soared to super inflated levels 1989-90, burst of „bubble economy“- land and stock prices plunged bad loans, banking crisis 1997 - consumption tax increase from 3% - 5%
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Slowdown factors decline in population, high % of elderly low openness to foreign market high regulation, formal & informal trade barriers lifetime employment seniority system low productivity, high costs, high prices
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Driving factors reforms – privatization of the Jap. Post deregulation deal with non-performing loans elimination of the budget deficit stabilization of the financial system productivity-related wages, flexible labor market economic stabilization and growth
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Positive signs for the future increased labor flexibility rising employment and wages growth in GDP and in consumption increasing importance of shareholder value increasing number of mergers and acquisitions
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Conclusion Japan had largely recovered from „the lost decade.“ (The Times) „Sun also rises.“ (The Economist)
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Thank you for your attention!
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