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The Japanese Economy today is one of the strongest in the world Only the United States has a higher gross national product GNP There is a 0 annual growth and 2 inflation currently while the official currency is the yen Over the years there have been many different cycles in the Japanese Economy regarding both fiscal and monetary policies This is seen internally within the economy of Japan and in its relationships with other countries including the United States The history of the economy of Japan has been through many ups and downs over the decades Before WWI Japan was a socialist economy Up to WWII the country was ruled by an emperor and after WWII the economy was a mixed market economy Today Japan is a socialist country yet is still a mixed market economy The Japanese economy is usually identified with its changes in fiscal policy Fiscal policy is relating to government expenditures revenues and debt incurring budget deficits to stimulate a weak economy It is those decisions usually relating to taxation and government spending with the goals of full employment price stability and economic growth httpwwwinvestorwords that cause changes in the fiscal policy at hand The biggest changes occurred after World War II For some years following Japans defeat in World War II the nations economy was almost totally paralyzed from wartime destruction with severe food shortages runaway inflation and rampant black-marketeering httpwwwgeocities Domestic demand decreased and overseas trade was restricted Rehabilitation of Japan was possible because of the aid provided by the United States In 1951 the gross national product was once again at the level it was at in 1934 This was due to the elimination of military spending which at some points in history drained the economy Even the zaibatsu large business trusts were broken up to help ensure a free market Wages increased due to this change Not only business were affected by these new rules Tenant farmers
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