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Shinto SlumpBanking, finance, real estate, cell phones all boomedSimilar to 2008 recession in America, happened to Japan in 1990Economy is flatHad another recession in late 1990sBank interest rate = 0Nikkei Stock Index – major stock trading center for JapanoHaven’t had a growth rate for decadesPart of problem is part of their success in pastKeiretsu – interlocking businesses and governmentoMaking them worthlessoNot free market capitalismoUndermines capitalism, takes out competitionHigh standards of living make for high prices for everythingTokyo has highest standard of livingWages have to be high as wellSame type of outsourcing is going on in Japan and USDealing with current world recessionJapan is the most stagnant economy, lowest economic growth ratePopulation is shrinkingFertility rate is 1.1127 million people there nowDecreasing work force and tax baseMore old people
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japan,People's Republic of China,Hu Jintao,Wen Jiabao,Junichiro Koizumi,Taro Aso