The economy of Japan is one of the most vibrant and booming economy in the world. Japan is the second most technologically powerful economy in the world after the US and the third-largest economy in the world after the US and China, measured on a purchasing power parity (PPP) basis. It is also the world’s fourth-largest exporter and fourth-largest importer.
- Japan is the established home of innovation and has expertise in a wide range of industries, particularly in technology. Japan is a leading nation in scientific research, particularly technology, machinery and bio-medical research. Japan is the world’s 2nd largest automobile manufacturing country, has the largest electronics goods industry, and is often ranked among the world’s most innovative countries leading several measures of global patent filings.
- Japan now serves as an important trend-setting market – not only for industrial applications but also for consumer styles and trends. The fields in which Japan enjoys high technological development include consumer electronics, automobile manufacturing, semi-conductor manufacturing, optical fibers, optical media, and biochemistry.
- Japan is the second largest IT market in the world after the US and a voracious consumer of leading edge technology and products from overseas.
- Besides all these, Japan is the second largest pharmaceutical market after the United States with sales of $60 billion. It constituted approximately 11 per cent of the world market in 2010 and IMS Health forecasts the Japanese pharmaceutical market to increase to $79 billion within five years and nearly double to $105 billion by 2023.
- There are several factors that provide favorable conditions for the Japan to thrive. First of all, the country has a large population of skilled manpower. This is essential for any country as skilled manpower is available at a cheaper price as compared to having to import skilled manpower from outside. This large pool of skilled manpower also encourages the growth of newer industries as many people are able to come up with new innovations, while anyone thinking of starting a new company knows that he/she will not lack skilled labor.
- Japan also has adequate and reliable power supply for all its residential, commercial, and industrial needs. The power is available at a relatively cheap price, meaning it encourages the growth of new industries, as the investors will see that the conditions are favorable.
The rising popularity of Japanese culture in foreign markets is providing many new business opportunities for foreign companies and investors. So get set, and respond to various business opportunities available in japan in your preferred industry sector.
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