Japan 's First Annual Trade Deficit

This stated in document D and when it says that 80% of Japan's oil came from America. This is important to notice because Japan is especially in need of oil since they are in a middle of a war and they need fuel for all their ships and aircraft. Also, including in the embargo, Japan didn't have any steel or scrap iron coming from America. This created even more tension between the two countries. America didn't like Japan's side during World War II because they supported Hitler, so they stopped all exports. Japan attacked Pearl Harbor because America was interfering with their fighting in the

such economic factors and weigh them against an array of other possibilities, some of which are suggested in the

The United States began to reach outward for trade, showing interest in Japan. Almost forcing the country to begin to trade with the U.S.

Currency: Japan uses the Yen, as The United States Uses the dollar. Exchange Rate 12/31/04 US=$1 and Yen = 110.5. Gross Domestic Product (GDP, at market exchange rate) $4.8 trillion for Japan and for the United States it is $11.50 trillion for 2004. Inflation Rate (consumer prices) Japan actually as a deflation of -0.4% as the United States as a inflation rate of 1.90%. Current Account Balance (2004F): $174.1 billion for Japan and the United States is 187.9 billion .Major Trading Partners for both countries.: Germany, Asian NIEs, China, OPEC Merchandise Exports (2004F): $522.4 billion for Japan and $630.57 billion for the United States. Merchandise Imports (2004F): $395.9 billion for Japan and 647 billion for United States. Merchandise Trade Surplus (2004F): $126.5 billion for Japan and for the United States it is $167 billion. Major Export Products for Both Countries: Machinery and transport equipment; chemical and other manufactured goods Major Import Products both countries: Chemical and other manufactured goods; machinery and transport equipment; mineral

The largest Japanese import, undisputedly, is video games. Nintendo, Sega, and the Sony Playstation have made the biggest impact on this nation. Just about every game you pick up in from Japan. Sonic the Hedgehog, Super Mario, even Pac-man. Video games have come farther than anyone could have imagined. With new crazes like Dance Dance Revolution, a game in which you literately dance on a pad to popular J-pop songs, and new technology Americans will keep buying Japanese games.

And also Canadian had never done any free trade agreement with Japan, therefore people can expect that dealing with Japan can affect to Canada’s economy in many ways, for instant, Japan has a relatively strong auto industry which can be helpful for Canadian auto market with good and bad effects. Besides, more foreign car pars and automobiles will be likely able to enter to Canada due to agreed between Canada and Japan phasing out 6.1 per cent tariff of Japanese vehicle parts, which will affect auto industry in Canada (Noakes, 2015). It may give the producers have more products to serve their customers with relatively lower price and faster services with more available parts and also consumers can get benefits from the relatively lower price of imported car parts. However, it may hurt some of workers in the auto industry because the reduction tariff will allow lower input prices that likely decrease the price of the final products. It will unfortunately lead to job loss in the auto market. Moreover, Mexico is a neighboring country to Canada where has cheaper labors. Thus Mexico can take some of auto labor market from Canada since Mexico is also in the TPP (Noakes, 2015). If Mexico’s labor market can affect Canadian labor market after ratified TPP, then Canadian economy will suffer greatly because of a decrease price of goods with imported good and an increase unemployment

This inflation was blamed on western values and competition, and slowly Japan rebuilt its economy. Japan’s economy once again fell after the war and was restructured by allied forces (Harrison 2016). Today, Japan is recognized as one of the first major industrial nations. Resources within Japan include coal reserves – aside from coal, Japan boasts very few natural resources, and all other energy sources and natural resources are important. Basic industries in Japan include automobile manufacturing, consumer electronics, metals, petrochemicals, pharmaceuticals, bioindustry, aerospace, textiles, processed foods, mining, steel, shipbuilding, and high-technology industries and the production of modern computer technologies and software. Japan dominates in advertising, data processing, publishing, tourism, leisure industries, and entertainment. Very little of Japan’s economy resides in agriculture – about 2.8% of Japan’s GDP is in agriculture and agriculture-related industries, as Japan’s land is no longer fertile. Japan also remains the world’s largest fishing nation (Dolan

Currently, Japan uses its high technological products to sustain the economy in exchange for raw materials. Due to the rugged terrain of the island of Japan, it is difficult to self-sustain with raw materials such as petroleum. Years ago, Japan was producing raw materials from the volcanic stone, such as copper, silver and gold, until trades were banned (Ew World Economy Team, 2013). Japan has the third largest automobile manufacturer in the word. Industrialization and services is the highest producing income for the Japanese economy. Financial services account for the bulk of Japan’s economy. Tokyo has the fourth largest stock market in the world, and Japan is the largest creditor nation in the world. The country has rebounded from a recession much like the United States. After World War II, it took Japan nearly two decades for it to recover. After one recession, Japan suffered another in the 1990’s and by the early 2000’s began to see signs of sustained recovery (Ew World Economy Team, 2013). There has been slow progress, but the Japanese are using their resources and services wisely to continue to have economic growth and maintain the low unemployment rates (Ew World Economy Team, 2013). Much like the United States, there was an economic catastrophe, but using resources wisely has led to the success of the

The United States has for more than a century maintained the largest economy in the world. Japan, on the other hand, currently has the third largest economy in the world (according to some estimates) after realizing incredible growth since the damage and ruin it experienced during World War II (BBC, 2015). This essay compares and contrasts the current economies of the United States and Japan in terms of three leading economic indicators: real Gross Domestic Product (GDP), inflation, and unemployment. While some similarities exist between the two economies this comparison will highlight what the differences mean in terms of economic health for the two countries.

In 1945, Japan was devastated and lost a quarter of the national wealth after suffering a defect in the second world war. A majority of the commercial buildings and accommodation had been demolished, and massive machinery and equipment formerly used in production for the civil market were out of service to provide metal for military supplies (Miyazaki 1967). Despite the trash and ruins had left over in Japan, Japan was able to rebuilding its infrastructure and reconstruct their economy. It is revealed that the Japanese economy was on its way to recovery, which received a rapid development since the war, and the reconstruction of Japan had spent less than forty years to become the world’s second largest economy in the 1980s. This essay will explore the three factors account for the economic growth of post-war Japan: the financial assistance from the United States, the external environment, and the effective policy of Japanese government.

This would lead to a drop in the wages of working Americans. One analyst thinks that as many as six out of every seven working Americans wage would decrease. (Pyke) Others believe that lowering the tariffs will lead to more American products being bought in countries that are part of the Trans-Pacific Partnership. For example, automotive parts that are manufactured in the United States have a twenty seven percent tariff in Vietnam and poultry from the United States has a forty percent tariff in Malaysia. This would even the market among countries that already trade copiously with each other (Sehgal). Some also predict that the Trans-Pacific Partnership would help promote that trade of knowledge-intensive services, which United States companies strive and excel (Autor). While the Trans-Pacific Partnership is projected to only help the United States a minuscule amount, with the most optimistic forecast seeing fourth tenth of a percent increase in the United States gross domestic product over the next decade (Pyke), this agreement could be vital for Japan. With Japan slipping into a recession the prime minister of Japan, Shinzo Abe, believes that the Trans-Pacific Partnership will help boost Japans economy by causing needed structural reforms (Donnan). Prime Minister Shinzo Abe has heralded the agreement as a central part of his Abenomics growth plan, and may even grow the gross domestic product of his country

After the crisis of oil in 1973, the popularity of Japanese’s vehicles in the United States increased significantly, this is mainly due to Japanese vehicles had an competitive advanced in the automobile manufacturing. They were more fuel effective and cheaper than American cars. Part of the advantages was due to labor differences and technical efficiencies (Exhibit A) (Japan 's Automakers Face Endaka, 1996) including the lower exchange value of the yen, leaving aside the leading companies of the American industry (Chrysler, Ford and General Motors), those who suffered significant losses in its market share, due to unexpected demand change. This situation continued during the 1980s, in addition to the approximate 30% appreciation of the dollar during 1981 to 1985 (Exhibit B) (Trading Economics, 2014). Which caused concern in the American industry and their unions, who exerted pressure to politicians so they take protective measures. Most of the measures of protection are given through tariffs and quotas on imports. At the beginning of the eighties the first of several interventions and protectionism measures take place. Ronald Regan, President of the United States imposed to Japan a “voluntary” exports restrictions (VERs), which limited the number of passenger cars exported to the U.S.A to 1.68 million vehicles a year, the measure was kept in place until March 1984 (Toyota Global, 1981). Although the VERs for a short time improved and protected the U.S auto industry’s market

International trade contributes a lot to the increasing world income, and the TPP is not an exception. When the TPP is fully implemented, the world will be expected to gain $492 billion annually by 2030 (Petri and Plummer). Trade is not a new phenomenon, but the widespread international trade which heavily increased the economic interdependence among countries is unprecedented. TPP is not the only trade agreement that TPP participating countries have. The TPP participating countries are also negotiating for the China-led Regional Comprehensive Economic Partnership (RCEP). Since Trump’s election, China has been pushing hard with the RCEP negotiation, and if the trade deal were to be ratified, the US would have to pay higher tariff than other Asian countries to Japan and lose one of the most important markets (Gunn). According to a White House report,

The Trans-Pacific Partnership has been in the works between the EU and Japan since 2013 for a free trade agreement and Non-Tariff Measures in order to ease the burdens of existing trade barriers with Japan. Urgency recently developed when the Trump, the President of the United States of America, left the partnership affecting the other 11 members of the trading bloc. (EU-Japan Center for Industrial Cooperation , 2017)

Japan is located in the Pacific Ocean in East Asia close to the Asian market. It is 378,000 square kilometres with a total population in 2010 of 127.5 million people (Globaledge, 2011a). 98% of Japan’s population is Japanese. This can be beneficial when looking to enter the new market as a majority of the country holds the same culture and beliefs. It is an attractive market for Australian producers due to their relatively high average income and significant population (Austrade, 2011a).