The economy of Japan is a highly developed/advanced social market economy, often referred to as an East Asian model. It is the third-largest in the world by nominal GDP and the fourth-largest by purchasing power parity (PPP). It is the world's second-largest developed economy. Japan is a member of both the G7 and G20. According to the IMF, the country's per capita GDP (PPP) was at 51,809(2023).Duetoavolatilecurrencyexchangerate,Japan′sGDPasmeasuredindollarsfluctuatessharply.TheJapaneseeconomyisforecastbytheQuarterlyTankansurveyofbusinesssentimentconductedbytheBankofJapan.TheNikkei225presentsthemonthlyreportoftopbluechipequitiesontheJapanExchangeGroup,whichistheworld′sfifth−largeststockexchangebymarketcapitalisation.In2018,Japanwastheworld′sfourth−largestimporterandthefourth−largestexporter.Ithastheworld′ssecond−largestforeign−exchangereserves,worth1.4 trillion. It ranks 5th on the Global Competitiveness Report. It ranks first in the world in the Economic Complexity Index. Japan is also the world's fourth-largest consumer market.
Japan is the world's second-largest automobile manufacturing country. It is often ranked among the world's most innovative countries, leading several measures of global patent filings. Facing increasing competition from China and South Korea, manufacturing in Japan currently focuses primarily on high-tech and precision goods, such as integrated circuits, hybrid vehicles, and robotics. Besides the Kantō region, the Kansai region is one of the leading industrial clusters and manufacturing centers for the Japanese economy. Japan is the world's largest creditor nation. Japan generally runs an annual trade surplus and has a considerable net international investment surplus. Japan has the third-largest financial assets in the world, valued at $12 trillion, or 8.6% of the global GDP total as of 2020. As of 2022, 47 of the Fortune Global 500 companies are based in Japan. The country is the third-largest in the world by total wealth.
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The Empire of Japan or Japanese Empire, also referred to as Imperial Japan, was the Japanese nation-state that existed from the Meiji Restoration in 1868 until the enactment of the reformed Constitution of Japan in 1947. From 29 August 1910 until 2 September 1945, it administered the naichi (the Japanese archipelago and post-1943 Karafuto) and the gaichi (Korea, Taiwan, Kwantung Leased Territory, and pre-1943 Karafuto). The South Seas Mandate was a single Japanese dependent territory in the name of the League of Nations.
The first human inhabitants of the Japanese archipelago have been traced to the Paleolithic, around 38-40,000 years ago. The Jōmon period, named after its cord-marked pottery, was followed by the Yayoi period in the first millennium BC when new inventions were introduced from Asia. During this period, the first known written reference to Japan was recorded in the Chinese Book of Han in the first century AD. Around the 3rd century BC, the Yayoi people from the continent immigrated to the Japanese archipelago and introduced iron technology and agricultural civilization.
The Japanese economic miracle refers to Japan's record period of economic growth between the post-World War II era and the end of the Cold War. During the economic boom, Japan rapidly became the world's second-largest economy (after the United States). By the 1990s, Japan's population demographics had begun to stagnate, and the workforce was no longer expanding as quickly as it had in the previous decades despite per-worker productivity remaining high.