ポスト平成不況の経済構造分析-II
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概要
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After recovering from the so-called "Heisei Recession," the Japanese economy has again fallen into a slump that began around 2008. It is generally believed that this slump was triggered by the "Lehman [Brothers] Shock" in September 2008. However, according to the Economic and Social Research Institute (ESRI), Cabinet Office, Government of Japan, signs of the business downturn were already present in Japan from November 2007. Japan's recovery from the Heisei Recession was substantially dependent on exports to foreign markets, in particular the U. S. Because of this dependence, the sharp decline in demand from overseas markets that followed was a sharp blow to business activities in Japan. Here, it is important to understand that the principal cause of the weakness of Japan's economy today is stagnant household consumption, which occupies a large part of domestic consumption, or 55% of the country's GDP. Although most major companies in Japan saw increased profits during the latest economic recovery, they did not sufficiently pass the gains on to their employees. For example, Toyota Motor Corporation enjoyed an increase of sales and net profit of 1.5 times and 2.4 times, respectively, over the past six years, yet the company only offered a 20% increase in pay to their employees. Contrary to such major companies, small and medium-size firms in Japan have continued suffering from the unfavorable economic environment during the noted recovery period, with FY2007 profits almost half what they were in FY1995. Thus, the disparity in profits between large companies and all the others had actually widened during the post-Heisei Recession economic recovery period. Today, Japanese society faces a declining birthrate and increasing elderly population; therefore, it seems difficult for the country to seek larger scales in future economic activities. To secure Japan's status in Asian markets, expected to grow further in the future, it is necessary for Japan to set the following goals : to achieve a higher than ever per capita standard of living ; to build a well-balanced structure in the business world by narrowing the existing disparity between large and small companies ; and to be strategic in exports by increasing high-quality daily necessities.
- 2009-07-20
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