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The economy of Japan is a highly developed mixed economy, often referred to as an East Asian model. [23] It is the fourth-largest economy in the world by nominal GDP behind the United States , China , and Germany , and the fifth-largest by purchasing power parity (PPP), below India and Russia. [ 24 ]
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The plan called for doubling the size of Japan's economy in ten years through a combination of tax breaks, targeted investment, an expanded social safety net, and incentives to increase exports and industrial development. To achieve the goal of doubling of the economy in ten years, the plan called for an average annual economic growth rate of 7.2%.
After its defeat and economic collapse after the war, Japan's economy recovered in the 1950s with the post-war economic miracle in which ushered in three decades of unprecedented growth and propelled the country into the world's second-largest economy by the 1980s only to experience an economic slowdown during the 1990s, but Japan nonetheless ...
Japan's asset price bubble collapse in 1991 led to a prolonged period of economic stagnation described as the 'Lost Decades', with GDP falling significantly in real terms through the 1990s. [7] In response, the Bank of Japan set out in the early 2000s to encourage economic growth through the non-traditional policy of quantitative easing.
The plan called for doubling the size of Japan's economy in ten years through a combination of tax breaks, targeted investment, an expanded social safety net, and incentives to increase exports and industrial development. To achieve the goal of doubling of the economy in ten years, the plan called for an average annual economic growth rate of 7.2%.
Agriculture, forestry, and fishing (Japanese: 農林水産, nōrinsuisan) form the primary sector of industry of the Japanese economy together with the Japanese mining industry, but together they account for only 1.3% of gross national product. Only 20% of Japan's land is suitable for cultivation, and the agricultural economy is highly subsidized.