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Economy
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Economy
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Overview
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The Atlantic Ocean provides some of the world's most heavily trafficked sea routes, between and within the Eastern and Western Hemispheres. Other economic activity includes the exploitation of natural resources, e.g., fishing, dredging of aragonite sands (The Bahamas), and production of crude oil and natural gas (Caribbean Sea, Gulf of Mexico, and North Sea).
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In the years following World War II, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (1% of GDP) helped Japan develop a technologically advanced economy. Two notable characteristics of the post-war economy were the close interlocking structures of manufacturers, suppliers, and distributors, known as keiretsu, and the guarantee of lifetime employment for a substantial portion of the urban labor force. Both features are now eroding under the dual pressures of global competition and domestic demographic change. Japan's industrial sector is heavily dependent on imported raw materials and fuels. A small agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. While self-sufficient in rice production, Japan imports about 60% of its food on a caloric basis. For three decades, overall real economic growth had been spectacular - a 10% average in the 1960s, a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the after effects of inefficient investment and an asset price bubble in the late 1980s that required a protracted period of time for firms to reduce excess debt, capital, and labor. Modest economic growth continued after 2000, but the economy has fallen into recession three times since 2008. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan into recession. Government stimulus spending helped the economy recover in late 2009 and 2010, but the economy contracted again in 2011 as the massive 9.0 magnitude earthquake and the ensuing tsunami in March disrupted manufacturing. The economy has largely recovered in the two years since the disaster, but reconstruction in the Tohoku region has been uneven. Newly-elected Prime Minister Shinzo ABE has declared the economy his government's top priority; he has pledged to reconsider his predecessor's plan to permanently close nuclear power plants and is pursuing an economic revitalization agenda of fiscal stimulus and regulatory reform and has said he will press the Bank of Japan to loosen monetary policy. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2012 stood as the fourth-largest economy in the world after second-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2012. The new government will continue a longstanding debate on restructuring the economy and reining in Japan's huge government debt, which exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth, and an aging and shrinking population are other major long-term challenges for the economy.
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Environment
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Current issues
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endangered marine species include the manatee, seals, sea lions, turtles, and whales; drift net fishing is hastening the decline of fish stocks and contributing to international disputes; municipal sludge pollution off eastern US, southern Brazil, and eastern Argentina; oil pollution in Caribbean Sea, Gulf of Mexico, Lake Maracaibo, Mediterranean Sea, and North Sea; industrial waste and municipal sewage pollution in Baltic Sea, North Sea, and Mediterranean Sea
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air pollution from power plant emissions results in acid rain; acidification of lakes and reservoirs degrading water quality and threatening aquatic life; Japan is one of the largest consumers of fish and tropical timber, contributing to the depletion of these resources in Asia and elsewhere
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Geography
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Area
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Comparative
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slightly less than 6.5 times the size of the US
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slightly smaller than California
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Geography
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Area
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Comparative to US places
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slightly less than 6.5 times the size of the US
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slightly smaller than California
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Geography
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Area
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Total
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76.76 million sq km
Ranked 2nd.
203 times more
than
Japan
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377,915 sq km
Ranked 63th.
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Geography
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Climate
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tropical cyclones (hurricanes) develop off the coast of Africa near Cape Verde and move westward into the Caribbean Sea; hurricanes can occur from May to December, but are most frequent from August to November
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varies from tropical in south to cool temperate in north
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Geography
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Coastline
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111,866 km
Ranked 3rd.
4 times more
than
Japan
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29,751 km
Ranked 6th.
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Geography
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Elevation extremes
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Highest point
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sea level 0 m
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Fujiyama 3,776 m
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Geography
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Geographic coordinates
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0 00 N, 25 00 W
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36 00 N, 138 00 E
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Geography
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Location
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body of water between Africa, Europe, the Southern Ocean, and the Western Hemisphere
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Eastern Asia, island chain between the North Pacific Ocean and the Sea of Japan, east of the Korean Peninsula
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Geography
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Natural hazards
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icebergs common in Davis Strait, Denmark Strait, and the northwestern Atlantic Ocean from February to August and have been spotted as far south as Bermuda and the Madeira Islands; ships subject to superstructure icing in extreme northern Atlantic from October to May; persistent fog can be a maritime hazard from May to September; hurricanes (May to December)
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many dormant and some active volcanoes; about 1,500 seismic occurrences (mostly tremors) every year; tsunamis; typhoons
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Geography
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Natural resources
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oil and gas fields, fish, marine mammals (seals and whales), sand and gravel aggregates, placer deposits, polymetallic nodules, precious stones
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negligible mineral resources, fish
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Geography
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Terrain
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surface usually covered with sea ice in Labrador Sea, Denmark Strait, and coastal portions of the Baltic Sea from October to June; clockwise warm-water gyre (broad, circular system of currents) in the northern Atlantic, counterclockwise warm-water gyre in the southern Atlantic; the ocean floor is dominated by the Mid-Atlantic Ridge, a rugged north-south centerline for the entire Atlantic basin
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mostly rugged and mountainous
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