Japan is the third-largest economy in the world, an island of nations within East Asia. Japan is the world’s tenth largest country by population, with 127.3 million people. A major economic power that continues to experience growth resulting from industrial and technological breakthroughs. In the last decade, Japan has experienced growth through globalization that affected it citizens by employment and wages. As a vital key to conducting business in Japan it is essential for a corporation to understand etiquette and protocols as well as the religious beliefs that may or may not impact business. Japan has solidified itself a global economic power and concentrated contributor through ...view middle of the document...
As a result, weak economies in Europe, America and other parts of Asia impeded Japan's economic progress. “Statistics illustrate there are only four industries in Japan—transport machinery, electric machinery, primary metals, and chemicals—that are more productive in absolute value than the same industries in the United States.” (Morrison & Soesastro, 1998).
Unpredictable currency exchange rates represent another aspect of globalization within Japan’s economy. In the 1990, (Morrison & Soesastro, 1998) states variables in exchange rates were the most important factor in altering prices of economies around the world. In Japan, the exchange rates involved an incredible 224 percent rise, from ¥260.24 against the United States dollar just prior to the Plaza Accord of 1985 to ¥80.3 at the peak in 1995. Other major Asian countries the yen has shown great appreciation with increase of 608.1 percent rise against China’s dollar. (Morrison & Soesastro, 1998). As a result, Japan’s government was forced to cushion the blow using stimulus packages and deficit relief programs that in long term weakened the fiscal infrastructure.
On March 11, 2011 after the massive earthquake and tsunami, Japan economic stability suffered drastically. This disaster halted operations of major manufacturers such as Nissan, Toyota, and Sony. The shipments of vehicles and products were damaged and destroyed. Impacts of energy and power resources were felt globally as trade was deeply affected by the destruction of shipping ports and highways .The administration of prime minister Yoshiko Noda was gravely affected by his resignation due to the lack of safety for Japan’s own nuclear power plant systems.
There are about 130 million Japanese living on land equivalent to the size of California.
The mountainous regions of Japan cause the majority of the population to reside within the limited plains and lowlands of the country. Most of the population flocks to these areas to find employment in these areas. Japanese have on average have the longest life expectancy on Earth and will require a strong and productive work force economically to support its aging population.
The Japanese labor model has suffered stagnant economic growth since the late 1990s due to less regulation and privatization of a wage system. Figures from the 2008 census showed that the number of people over the age of 65 was over 21 percent and that of children under 15 percent lower than anywhere else globally.(Unknown, 2011). Many businesses have transitioned away from lifetime employment, which once was traditionally the backbone of Japanese-style management in large companies. Japanese firms traditionally invested large amounts of money training their workers, and employees typically remain employed by that corporation for their entire life.
Often women were not recipients of this rewards system, since their average length of full-time employment at a company less than nine years much shorter than...