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During the 1980's, Japan had one of the most profitable and efficient economies in the world. But a recent recession has forced Japan to make changes and pushed them back, out of the realm of being an economic superpower. This leaves just one question; when analyzing Japan's strengths and weakness, is it likely for them to return to the economic status they enjoyed during the 1980's? The answer is no. Because of Japanese false illusions, increasing national debt and deflation, combined with other factors, it is unlikely that Japan will be able to make a full recovery. When analyzing something as complex as a country suffering from a national recession, it is important to note their various strengths. During the 1980's, Japan exploded onto the global economic scene. The Japanese established themselves among the ranks of the United States and various European powers. One of the greatest strengths enjoyed by Japan is the absence of any military institution. After World War II, the United States, in congruence with the other allied powers, declared that Japan was no longer to have a national military. Just think about that, military expenses account for a great portion of any countries national budget. Japan, now withou
It is as though Japan is living through the illusion of an economic superpower, one that the Japanese public cherishes and lives according to. "The Japanese Economy Convalesces. This means that they have to work just as hard to earn less (Matthews, 26). The Japanese financial and banking sectors are also dragging down the economy. First he spoke about a 60 trillion yen program to pay off bad loans and restore the strength of Japanese financial institution (Daily Yomiuri, 1). The weakness of the Japanese economy makes it almost impossible for them to reach the economic heights that they once enjoyed. But the Japanese people still cannot let go of the notion that perceives Japan as an economic superpower (Shibata, 1). They no longer had to endure the expenses of maintaining any standing military, nor did they have to invest money in keeping pace with military technological advancements. So as you can see, Japan is making efforts to address their social-economic problems from within as well. They have always relied on domestic investors to support them. "The Privilege of Choosing: The Fallout From Japan's Economic Crisis.
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