Japan (Part 4) - Japan(Part 4 Wednesday 9:30 AM Th sh is ar stu ed d vi y re aC s o ou urc rs e eH w er as o co m A Shinto Slump i 1960s(10 12 economic

Japan (Part 4) - Japan(Part 4 Wednesday 9:30 AM Th sh is ar...

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1960s - (10 - 12%) economic growth rate i. 1970s - (6 - 7%) economic growth rate ii. 1980s - (4 - 5%) economic growth rate iii. Service sector a. Banking/finance b. Real estate c. Personal computing i. Cell phones ii. Information technologies iii. Tech sector d. High quality automobiles i. Steel industry ii. Ship building iii. Industry e. Across the board everything was booming iv. They weren't just making money exporting a. People started consuming on a large scale within Japan b. Businesses ran out of things to buy in Japan so they invested abroad i. Times square 1) Chicago a) Los Angeles b) Miami c) Business buildings/complexes in major cities like 2) Japanese bought large portions of ii. Think "oh you drive a rice burner?" 1) Success of Japanese industries lead to an anti-Japanese sentiment in US society iii. So much wealth was accumulated: citizens and businesses had an excess of money to spend c. Consumption got so out of control that inflation soared d. Harder than Godzilla leveling Tokyo i. Similar to the early 2000s in the US 1) Trillions were lost (particularly in real estate market) ii. Economy is flat/rocky 1) Japanese reverted back to frugal nature - saving everything iii. Gov. set bank interest rate to ZERO (if you deposit $10k in 100 years you have $10k) 1) It’s a waste of time to deposit money, so invest in something a) Hasn’t worked for 2 decades b) This was an attempt to get people to spend their money 2) Government is struggling to kick start economy iv.
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  • Fall '08
  • Economics, japan, People's Republic of China, Wen Jiabao, economic growth rate

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