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Japan's market economy model shapes the relationship between government and business. There is debate among scholars on how to classify Japan's market economy and welfare state model. [1] Some argue that the focuses of Japan's government, businesses, and laborers are solely oriented towards increasing economic productivity. [2]
Small retailers and "mom and pop" stores predominated- -in 1985 there were 1.6 million retail outlets in Japan, slightly more than the total number of retail outlets in the United States (1.5 million in 1982), even though Japan has only half the population of the United States and is smaller in size than California.
The Ministry of International Trade and Industry (通商産業省, Tsūshō-sangyō-shō, MITI) was a ministry of the Government of Japan from 1949 to 2001. The MITI was one of the most powerful government agencies in Japan and, at the height of its influence, effectively ran much of Japanese industrial policy, funding research and directing investment.
Japan's membership in the OECD has constrained its foreign economic policy to some extent. When Japan joined the OECD in 1966, it was obliged to agree to OECD principles on capital liberalization, an obligation that led Japan to begin the process of liberalizing its many tight controls on investment flows into and out of Japan. Japan is also a ...
The surplus reached a record US$18.2 billion in 1978, promoting considerable tension between the United States and Japan. In 1979 petroleum prices jumped again, and Japan's trade balance again turned to deficit, reaching US$10.7 billion in 1980. Once again, rapid export growth and stagnant imports returned Japan quickly to surplus by 1981.
A good example is the camera industry, which since the 1960s has been dominated by Japan. Historically, there have been three main elements in Japanese industrial development. The first was the development of a highly competitive manufacturing sector.
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The Koizumi government set Japan Post, one of the country's largest providers of savings and insurance services for privatization by 2015. [142] The six major keiretsus are the Mitsubishi, Sumitomo, Fuyo, Mitsui, Dai-Ichi Kangyo and Sanwa. [143] Japan is home to 251 companies from the Forbes Global 2000 or 12.55% (as of 2013). [144]