708-Chaudhari Technical Institute, Gandhinagar - Gujarat ...

708-Chaudhari Technical Institute, Gandhinagar - Gujarat ... 708-Chaudhari Technical Institute, Gandhinagar - Gujarat ...

29.12.2013 Views

to greater foreign competition and boosting exports through membership in the US-led Trans-Pacific Partnership trade talks and by pursuing free-trade agreements with the EU and others, but debate continues on restructuring the economy and reining in Japan's huge government debt, which exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth, and an aging and shrinking population are other major long-term challenges for the economy. Why Japan's Economy is Important to the India India is close to replacing Japan as the world’s third largest ecnomy, possibly as early as this year, says a senior economist at India credit rating agency Crisil. Sunil Sinha, the firm’s main macroeconomist, based the projections on India’s purchasing power parity, saying that tsunami-wracked Japan will see a decline in GDP this year, while India’s economy will expand as will the purchasing power of its currency, the rupee. India is the fourth-largest economy in the globe, trailing the U.S., China and Japan. GDP figures from 2010 show that the Japanese economy was worth $4.31 trillion, with India at $4.06 trillion. Not far behind. The earthquake and tsunami in March nearly shut Japan down for a month and now Japan’s economy is expected to post no growth at all this year, at best, while India’s economy will grow between 7% and 8% in 2011. The International Monetary Fund’s growth forecast for India and Japan show both country’s GDP levels about the same in constant dollar terms, but the disaster in Japan has taken its toll on the nation’s growth. “Were it not for the earthquake and tsunami, India would have overtaken Japan in around 2013- 14,” said Sinha. 24

Economy: The Japanese economy is one of the third largest in the world. Only the USA and China have a higher GNP. The Japanese currency is the Yen. Exports: Japan's main export goods are cars, electronic devices and computers. Most important trade partners are China and the USA, followed by South Korea, Taiwan, Hong Kong, Singapore, Thailand and Germany. Imports: Japan has a surplus in its export/import balance. The most significant import goods are raw materials like oil, foodstuffs and wood. Major supplier is China, followed by the USA, Australia, Saudia Arabia, South Korea, Indonesia and the United Arab Emirates. Industries: Manufacturing, construction, distribution, real estate, services, and communication are Japan's major industries today. Agriculture makes up only about two percent of the GNP. Most vital agricultural product is rice. Resources of raw materials are very limited and the mining industry rather small. Banks: Banks in Japan operate similarly to banks in other countries. There are a variety of institutions, ranging from large international banks to smaller regional ones. The large domestic banks include Japan Postal Bank, Mizuho, Tokyo-Mitsubishi UFJ, Sumitomo, Resona, Citibank and Shinsei Bank. Furthermore, several online banks, most notably Seven Bank, have recently gained popularity and offer their customers banking via the internet and a network of ATMs. Living cost: Living costs in Japan and especially in Tokyo are famous to be among the worlds highest. However, if you live outside of central Tokyo, adjust to a Japanese lifestyle and do not depend too heavily on food and products from your home country, you may be surprised how inexpensive Japan can be. Housing: Some of the world's most expensive land can be found in central Tokyo. Consequently, even tiny apartments in the city center are very 25

Economy: The Japanese economy is one of the third largest in the world.<br />

Only the USA and China have a higher GNP. The Japanese currency is<br />

the Yen.<br />

Exports: Japan's main export goods are cars, electronic devices and<br />

computers. Most important trade partners are China and the USA, followed by<br />

South Korea, Taiwan, Hong Kong, Singapore, Thailand and Germany.<br />

Imports: Japan has a surplus in its export/import balance. The most<br />

significant import goods are raw materials like oil, foodstuffs and wood. Major<br />

supplier is China, followed by the USA, Australia, Saudia Arabia, South<br />

Korea, Indonesia and the United Arab Emirates.<br />

Industries: Manufacturing, construction, distribution, real estate, services,<br />

and communication are Japan's major industries today. Agriculture makes up<br />

only about two percent of the GNP. Most vital agricultural product is rice.<br />

Resources of raw materials are very limited and the mining industry rather<br />

small.<br />

Banks: Banks in Japan operate similarly to banks in other countries. There<br />

are a variety of institutions, ranging from large international banks to smaller<br />

regional ones. The large domestic banks include Japan Postal Bank, Mizuho,<br />

Tokyo-Mitsubishi UFJ, Sumitomo, Resona, Citibank and Shinsei Bank.<br />

Furthermore, several online banks, most notably Seven Bank, have recently<br />

gained popularity and offer their customers banking via the internet and a<br />

network of ATMs.<br />

Living cost: Living costs in Japan and especially in Tokyo are famous to be<br />

among the worlds highest. However, if you live outside of central Tokyo,<br />

adjust to a Japanese lifestyle and do not depend too heavily on food and<br />

products from your home country, you may be surprised how inexpensive<br />

Japan can be.<br />

Housing: Some of the world's most expensive land can be found in<br />

central Tokyo. Consequently, even tiny apartments in the city center are very<br />

25

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