Introduction

Japan is an island nation in East Asia made up of 6,852 islands that are mountainous and volcanic. ¹ Japan is a major economic power in Asia as well as globally. Foreign policy has aimed to promote peace and prosperity for the Japanese people by working closely with the West and supporting the United Nations. ²

• Population- 126.4 million ³
• Major language- Japanese ³
• Currency-Yen ³

Economy and Business

It is the third largest economy in the world and has had remarkable growth in the second half of the 20th century. ³

• Level of development: Developed ⁴
• Income Level: High income ⁴
• GPD per capita, PPP $41,470 (2016) (higher than 84.94% of all other countries) ¹
• Top three trade partners (2015): China, United States, South Korea ⁴
• Top 3 exported goods (2015): Motor vehicles and parts, industrial machinery, and electrical machinery ⁴

The economy of Japan has been boosted with the implementation of Abenomics.  Abenomics is a comprehensive economic policy package that was introduced to Japan in early 2013.  It is the brainchild of Prime Minister Shinzo Abe and was put in to place to revive the Japanese economy and maintain fiscal discipline. ⁵  Abenomics has three vital areas (boosting productivity, driving innovation and trade and energizing corporate activities) working in conjunction with one another and have been implemented in order to reach a GDP of 600 trillion yen. ⁵

Strengths

The risk assessment for Japan rated the country an A2 which states that the political and economic situation in Japan is good. ⁶  The country has a stable and efficient business environment but could always stand for improvement. 

The business climate rating is A1 which is the top rating and is listed as very good. ⁶ Corporate financial information is available and reliable and institutional quality is very good.  Transactions between companies run smoothly in countries with an A1 rating. ⁶

• Advantageous geographic situation in a dynamic region ⁶
• Very high national savings level ⁶
• Advanced technology products and diversified industrial sector ⁶
• Ease of doing business rank- 34 out of 190 ¹

Business Market and Job Opportunities

Japan has a LOW unemployment rate coming in at 3.136%.  The unemployment rate is lower than 85.56% of all other countries. ⁴

The top industries in Japan are motor vehicles, electronic equipment, machine tools and steel and nonferrous metals4.  These top industries transfer over into the top export goods which include: Motor Vehicles and Parts; Industrial Machinery; Electrical Machinery; Precision Instruments; Iron and Steel. ⁷

Top Corporations in Japan: Toyota Motor; Honda Motor; Japan Post Holdings; Nissan Motor; Hitachi; Sony; Panasonic; Mistubishi. ⁸

Culture

Japanese culture is multifaceted and has two sides.  One side of the culture is steeped in deep traditions that date back thousands of years.  The other side of Japanese culture is current and modern and in a continual state of growth.  Japan focuses on changing trends, fashion, and technological development.⁹

Manners are of utmost importance amongst the Japanese.  Shaking hands is an uncommon greeting in Japan.  Instead, people generally greet each other by bowing. Business etiquette is very formal in Japan.  Business cards are particularly special and are considered an extension of the business person.⁹    

Group orientation is strong in Japan.  The group, above the single individual, is very important to Japanese people.⁹  Business, and work in general, is oriented towards team projects and rewarding people as a team is an effective management tool. ⁹

The Advantage of Studying Japanese

Japanese is spoken by about 125 million speakers.⁹  It is a script language that has borrowed many characters from Chinese although the Japanese and Chinese languages are not linguistically related.

Advantages: ¹⁰

• The U.S. and Japan are allies, and both are among the top five economies in the world.
• Japan is a gateway to other Asian cultures.
• Knowing Japanese will set you apart from the crowd.
• You will become skilled at processing new ideas that are different from your own.
• Studying a language other than your own is one way to understand how perspectives shift and how others see the world.

 

Important Links

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