Japan Overview

About Japan: 

Japan is an island nation in East Asia, located in the North Pacific Ocean off the coast of the Asian continent. Japan comprises the four main islands of Honshū, Hokkaidō, Kyūshū, and Shikoku, in addition to numerous smaller islands. The Japanese call their country Nihon or Nippon, which means “origin of the sun.” The name arose from Japan's position east of the great Chinese empires that held sway over Asia throughout most of its history. Japan is sometimes referred to in English as the “land of the rising sun.” Tokyo is the country’s capital and largest city.

About Japan's Economy:

Japan is the world’s second largest economy after the United States. In 2006 Japan’s gross domestic product (GDP) was $4.218 trillion, compared to $13.13 trillion for the United States. Japan also has one of the world’s highest living standards. Looking at the purchasing power parity, Japan’s per capita GDP rose from 21 percent of the U.S. level in 1955 to 56 percent in 1970. By 1992 per capita GDP had reached $19,920, 86 percent of the U.S. level. Despite the overall strength of the Japanese economy, in the late 1990s Japan was mired in its longest recession since World War II. GDP, which had grown slowly in the early 1990s, fell 0.4 percent in 1997 and another 2.8 percent in 1998. This was the first time in the postwar era that Japan’s GDP declined two years in a row. The recession continued into the early 2000s, but economic growth gained strength late in 2005.

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