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What happened to Japan's economy?

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View pictures in App save up to 80% data. First, we need to understand that Japan has vastly outperformed its natural rank.

Just by pure population alone, Japan is ranked #11 at 126 million, behind #10 Mexico’s 128 million. (Current Population). The fact Japan - an island nation with few natural resources - has secured the #3 economy and a very high per capita income means it has done beyond what you’d expect.

Thus, in terms of ranking Japan is bound to fall. It is going more towards its natural state. In order to fight against a natural decline, you have to do extraordinary things. Unfortunately, this is the reason Japan’s economy collapsed.

Think of all your famous Japanese brands. Your big Japanese tech giants. Your big cultural icons like Nintendo or Sony.

Now ask yourself: are any of these big name companies new? As in, did any of these companies shoot to stardom in the last 25 years?

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(Once, this was known for its innovation, for being exciting, and everybody was lining up for miles to get it. Now, it’s being decried for being too formulaic.)

Also, let’s not ignore the elephant in the room. The fact of the matter is, Japanese manufacturers are being supplanted by Chinese companies. This isn’t a knock against Japan, this is just telling you how amazing Chinese manufacturing is. When it comes to efficiency, best bang-for-your-buck, nothing beats Chinese manufacturing. Even the Japanese themselves know that their manufacturing will eventually be replaced by the Chinese.

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Now I know what you’re thinking. Japanese products are better! Their quality is so much better! Down with China! Rawr!

Did you think Japanese quality is so high because they naturally were so? Do you honestly think the Japanese enjoy those 100-hour workweeks? Certainly not! Japanese products are high quality because everything else has been squeezed out the market. All Japan has left are its high-quality products.

But the thing is, those amazing hand-crafted artistic things only could get you so far. And as China starts hitting the high-end manufacturing sector, it is likely Japan will one day fade in prominence here as well.

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(You may say you enjoy high quality products, but you’ll spend most of your time shopping here instead)

Now let’s make no mistake. Japan isn’t in the slumps. It’s not the apocalypse. Japan is still doing very well. It’s still #3 economically. It’s still the #3 manufacturer in the world. It still has a very strong cultural impact too (with video games and cartoons especially).

It’s just that it’s not as monopolizing as it used to be.

Source: opera.com
The views expressed in this article are the writer's, they do not reflect the views of Opera News. Read more>>
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Snow · 06/30/2020

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