Originally Posted by YuriTokoro
それから、日本語の原稿だけだと、意味がわからないと ころが多々あるので、もし英語の原稿があったら、それ もつけていただけるとより正しく文を直せると思うので すが。
hi yuri, i guess i should let you take a look at my essay after all. i think it'll help you with your english. you dont have to correct my oral speech alright? i'll try to work on it myself (: if there's anything you want me to explain in my essay regarding grammar/vocab, feel free to ask (:
Since the end of the World War 2, Japan's economy had risen from her ashes like that of the phoenix. Having much of her infrastructure and industries destroyed by American bombing, Japan's GNP was at a mere 4.2% of the US economy. By 1980, Japan had overtaken all European economies and stood at roughly 40% of US GNP. Many factors contributed towards Japan's post war boom. These include American military protection, reconstruction spending, MITI and the availability of cheap funds due to high household savings. Yet, Japan's economy suffered a major crisis in the 1990s, as a result of バブル景気, where real estate and stock prices are highly inflated, and this continued onto a decade of stagnation, deflation and little economic growth. Until recently, Japan's economy had not truly recovered and suffered another hit due to the global financial crisis in late 2008.
Japan's recovery after the war ended was bolstered by American military spending and protection, which contributed to the economy's GDP and spared the government from high defense spending. Japan's growth was also partly made up by reconstruction efforts as the war decimated much of Japan's factories, roads and citites, and it took many years to bring Japan's economy back to pre-war levels. The Ministry of International Trade and Industry was key to Japan's economic growth. By formalizing cooperation with the private sector, MITI was able to guide the direction of Japan's economy. The coordination of various industries and players from the private sector such as the keiretsu, meant that national production goals and private economic goals were often both achieved hand in hand. Furthermore, MITI was able to provide cheap funds by setting up the Japan Development Bank and subsequently introducing the Fiscal Investment and Loan Plan, which drew upon high household savings in Japan. Lastly, MITI imported technology cheaply, which vastly improved productivity and hence contributed to the success of Japan's manufacturing sector, and its dominance in high technology manufacturing in our current day. The favourable conditions of good relations between the government and the industries, low interest rates, a cheap yen, and capacity for productivity growth and industrial expansion all contributed towards the post war miracle of Japan's economy.
Yet, Japan entered the 1990s in a crisis due to its bubble economy, where real estate and stock prices were highly inflated. The bubble in asset prices led to a wave of investment in projects with very low returns, and the burst of the bubble inadvertently gave way to substantial corrections in asset prices followed by a period of weak investments. Domestic spending weakened as well, largely due to many households having suffered capital losses in the asset price crash. Productivity growth also slowed, and the 1998 Asian crisis caused a negative trade shock, which compounded the problems faced by Japan's ailing economy. The Bank of Japan failed to deal with the crisis quickly enough, as it did not prevent deflation from setting in and also failed to undertake measures that would enhance prospects for a return to positive inflation. The poor use of the monetary policy was demonstrated by BoJ, as it raised interest rates too soon when it should have maintained its ZIRP in 1997. Fiscal policy by the Government was also poorly judged in Japan. In 1997, Japan tightened its fiscal policy in the face of deflation and poor economic growth, preventing recovery from taking hold. The mismanagement of the economy by Japan possibly led to the lengthy malaise of the economy, characterized by stagnation and deflation. Most importantly, the government should have tried to boost private investment in the economy, in order to raise the level of activity in the economy and reduce its huge fiscal deficit. A further depreciation of the yen is probably not possible, as other countries have already complained about yen's undervaluation at that point of time.
The recent financial crisis have impacted Japan as well, despite the effects being slightly delayed. Reports early this year have shown that exports in Japan are falling, as well as industrial output, especially in the car and tech industries. Bankruptcies are on the rise and many companies are suffering net losses due to the falling demand from the US, continental Europe, and China. Unemployment figures have reached a 40-year peak, but the government has yet to show decisiveness in her economic policies. The weak political state of Japan is another hindrance, with 4 prime ministers in as many years. The government needs to put aside the differences between political parties, and work together to push through stimulus plans that will save Japan's economy.
As growth in Japan has been buoyed by increasing exports to the Chinese economy, Japan needs to re look at her relations with the rest of Asia. The integration of Japan and the rest of Asia can prove to be a strong economic union, akin to that of the European Union, but with notable differences. Asia will continue to be a key area of growth in the 21st century, and as more middle class consumers enter the market, Japan can target them as end consumers. Japan should also shed her xenophobia and open her doors to immigration, as foreign talent can be managed and used to fill up the pit holes left by her aging population. Today, Japan's economic recession continues to deepen, and economic growth is expected to slow further. The crisis can only be solved by coordinated efforts by the government and central bank to pump fiscal and monetary stimulus into the economy in the right places, and as well as move towards an Asian economic integration as one of the objectives to achieve within the next decade.