All values, unless otherwise stated, are in US dollars. The economy of Japan is a highly developed and market-oriented economy. Japan has the highest ratio of public debt indias forex reserves today GDP of any developed nation.
However, the national debt is predominantly owned by Japanese nationals. In the three decades of economic development following 1960, Japan ignored defense spending in favor of economic growth, thus allowing for a rapid economic growth referred to as the Japanese post-war economic miracle. However, in the second half of the 1980s, rising stock and real estate prices caused the economic bubble to the Japanese economy by Bank of Japan. GDP growth is considered an aberration, Theodore Breton shows that this is the expected growth rate for a country with a shrinking work force and rates of investment in physical and human capital that have not increased since the 1970s. His analysis indicates that Japan has converged on its steady-state growth rate. With this low growth rate, national debt of Japan is difficult for the government to manage due to its considerable social welfare spending related to an aging society. The ICT industry has generated the major outputs to the Japanese economy.
Although many kinds of minerals were extracted throughout the country, most mineral resources had to be imported in the postwar era. Local deposits of metal-bearing ores were difficult to process because they were low grade. The nation’s large and varied forest resources, which covered 70 percent of the country in the late 1980s, were not utilized extensively. Deposits of gold, magnesium, and silver meet current industrial demands, but Japan is dependent on foreign sources for many of the minerals essential to modern industry. The economic history of Japan is one of the most studied economies for its spectacular growth in three different periods.
Japan was considered as a country rich in precious metals, mainly owing to Marco Polo’s accounts of gilded temples and palaces, but also due to the relative abundance of surface ores characteristic of a massive huge volcanic country, before large-scale deep-mining became possible in Industrial times. Renaissance Japan was also perceived as a sophisticated feudal society with a high culture and a strong pre-industrial technology. It was densely populated and urbanized. Early European visitors were amazed by the quality of Japanese craftsmanship and metalsmithing. This stems from the fact that Japan itself is rather rich in natural resources found commonly in Europe, especially iron. The Japanese were very much looking forward to acquiring such goods, but had been prohibited from any contacts with the Emperor of China, as a punishment for Wakō pirate raids.
The beginning of the Edo period coincides with the last decades of the Nanban trade period, during which intense interaction with European powers, on the economic and religious plane, took place. In order to eradicate the influence of Christianization, Japan entered in a period of isolation called sakoku, during which its economy enjoyed stability and mild progress. Economic development during the Edo period included urbanization, increased shipping of commodities, a significant expansion of domestic and, initially, foreign commerce, and a diffusion of trade and handicraft industries. By the mid-eighteenth century, Edo had a population of more than 1 million and Osaka and Kyoto each had more than 400,000 inhabitants. Many other castle towns grew as well. Osaka and Kyoto became busy trading and handicraft production centers, while Edo was the center for the supply of food and essential urban consumer goods. Rice was the base of the economy, as the daimyo collected the taxes from the peasants in the form of rice.