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The economy of Japan is a highly developed mixed economy, often referred to as an East Asian model. [24] 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. [ 25 ]
Japan's benchmark Nikkei average .N225 closed up 0.28% at 38,642.91 on Friday, driven by a pull back in the yen, which boosted the outlook for Japanese exporters.
China's rise in the global economy catapulted the Middle Kingdom into East Asia's largest economy, overtaking Japan as the world's second largest economy in August 2010. [132] Until 2015, China was the world's fastest-growing major economy, with growth rates averaging 10% over 30 years.
The economy of Japan suffered its worst post-World War II economic stagnation set in the early 1990s (which coincided with the end of Cold War), which was triggered by the latter event of the 1997 Asian financial crisis. It, however, rebounded strongly in the early 2000s due to strong growth in exports, although unable to counteract China in ...
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After a mild economic slump in the mid-1980s, Japan's economy began a period of expansion in 1986 that continued until it again entered a recessionary period in 1992. Economic growth averaging 5% between 1987 and 1989 revived industries, such as steel and construction, which had been relatively dormant in the mid-1980s, and brought record ...
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In response, the Bank of Japan set out in the early 2000s to encourage economic growth through the non-traditional policy of quantitative easing. [ 8 ] [ 9 ] By 2013, Japanese public debt exceeded one quadrillion yen (US$10.46 trillion), which was about twice the country's annual gross domestic product at that time, and already the largest debt ...