March 2011- east japan earthquake then tsunami tohoku and hishdojwfiJapan doesn’t have natural resource base only rely on nuclearNuclear reactor melted and caused a natural disasterInternal debate about keeping nuclear energy in JapanThis affects the economy Lost #2 status, replaced by China and became number 3 showing a change in economySouth korea is rising but wouldn’t be in the top 50 before, Indonesia and korea will go into the top ten world economy 5-10 years another country will bump Japan down in the top 10Other Asian powers are risingNot gonna have another economic boom- JapanChina wanted to become one of the two main world powers, before Japan was the top, China is still going up, Japan is still dog paddling like most European powersUK, France, Italy, and Spain (last two especially)^Current prime minister Shinzo Abe- 2014- presentBeen in a state of stagnation for decades2012- he said they would get growing again and economy would be the focus- AbenomicsAbenomics- three arrows from Japanese legendoMonetary expansion- 2% inflation rateoFlexible fiscal policy- to create economic stimulus in short term and achieve budget surplus in long term, loosened rules
oGrowth strategy- focused on structural reform and private sector investment to achieve long term growth Structural reform- getting rid of rules and regulations and red tape ^^makes Japan more desirable for domestic and international investmentEconomic growth has been positive but stagnant for a bit- 1.5 1.6 growth which is pretty good for Japan
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- Fall '08
- World War II, japan, Far right