International Business in Japan

Topics: Japan, Economy of Japan, Government of Japan Pages: 7 (2495 words) Published: March 22, 2012

Japan is a country with a great deal of influence on the world economy. Many other nations around the globe work closely with this country through international business. With the increasing global importance of Asia and Pacific Rim, and economic and strategic significance of the US-Japan relationship, it is important that more Americans will improve their levels of cultural awareness to increase their national level of understanding of Japan. When working in the global commercial environment, knowledge of the impact of cultural differences is one of the keys to international business success.

Japan is an island country located in East Asia and its capital is Tokyo. The country is sometimes identified as the land of the rising sun. It is in the worlds top ten population with an estimated population of 128 million people living there. The national language there is Japanese and there ethnic group residing there consist of mainly Japanese then there are some Korean, Chinese, and others who reside there. The currency used in Japan is the Yen and it is now stronger then the American dollar. Japan is now the world’s second largest economy by nominal GDP. It is also the only Asian country that has an elected member serving in the United Nations Security Council. The standard of living in Japan is extremely high compared to Americans standard of living; also Japan has the highest life expectancy over any other country in the world and one of the lowest infant mortality rates. Japanese religious beliefs come from the study of Buddhism. The Japanese government is run by the Prime Minister and although there is an Emperor his powers are very limited. The Prime Minister is picked by Japan’s Emperor. Japan is also one of the leading nations in scientific research; the technology in Japan is a lot more advanced then the technology in many countries. Japan’s economy clear-fell apart during the 1990’s due to a crash in the stock markets and real estate markets. The time period from the 1990 to 2000 was considered the lost decade for Japan. By 2005 the Japanese economy showed a strong recovery, making it now one of the largest economies in the world.  In March 2011, Japan's strongest-ever earthquake, resulting tsunami, devastated the northeast part of Honshu island, killing thousands and damaging several nuclear power plants. The catastrophe shuffled the country's economy and its energy infrastructure, and severely strained its capacity to deal with the humanitarian disaster. The stock market twisted, dropping as much as 10% in a single day. In order to stabilize financial markets and retard appreciation of the yen, the Bank of Japan injected more than $325 billion in yen into the economy. Some economic forecasters, who previously had anticipated slower growth for Japan in 2011, now believe GDP may decline as much as 1% for the year. The country is famous for its industrial ability and technology and advanced productions in motor vehicles, electronics, machine tools, steel and metal, ships, chemicals, textiles and processed foods. Due to all of the production companies and everything Japan is known for the unemployment rate is low because there are always jobs for people. It is also known that Japanese workers get the highest paid salary per hour then any other country in the world. The largest companies the country has include Toyota, NTT DoCoMo, Canon, Nintendo, Sony, Honda, Takeda Pharmaceutical, Toshiba, Sharp, Nippon Steel, Nippon Oil and Seven & I Holdings Co..  The Tokyo Stock Exchange also originated in Japan and is the world’s largest bank. Japan's exports amounted to US $4,210 per capita in 2009. Japan's main import markets are China (22.2%), the US (10.96 percent), Australia (6.29 percent), Saudi Arabia (5.29 %), United Arab Emirates (4.12 percent), South Korea (3.98 percent) and Indonesia (3.95 percent). Their main exports are transportation equipment, vehicles, electronics, machinery and...
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