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Economy
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Economy
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Overview
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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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The Pacific Ocean is a major contributor to the world economy and particularly to those nations its waters directly touch. It provides low-cost sea transportation between East and West, extensive fishing grounds, offshore oil and gas fields, minerals, and sand and gravel for the construction industry. In 1996, over 60% of the world's fish catch came from the Pacific Ocean. Exploitation of offshore oil and gas reserves is playing an ever-increasing role in the energy supplies of the US, Australia, NZ, China, and Peru. The high cost of recovering offshore oil and gas, combined with the wide swings in world prices for oil since 1985, has led to fluctuations in new drillings.
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Environment
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Current issues
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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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endangered marine species include the dugong, sea lion, sea otter, seals, turtles, and whales; oil pollution in Philippine Sea and South China Sea
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Geography
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Area
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Comparative
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slightly smaller than California
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about 15 times the size of the US; covers about 28% of the global surface; larger than the total land area of the world
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Geography
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Area
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Comparative to US places
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slightly smaller than California
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about 15 times the size of the US; covers about 28% of the global surface; larger than the total land area of the world
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Geography
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Area
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Total
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377,915 sq km
Ranked 63th.
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155.56 million sq km
Ranked 1st.
412 times more
than
Japan
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Geography
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Climate
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varies from tropical in south to cool temperate in north
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planetary air pressure systems and resultant wind patterns exhibit remarkable uniformity in the south and east; trade winds and westerly winds are well-developed patterns, modified by seasonal fluctuations; tropical cyclones (hurricanes) may form south of Mexico from June to October and affect Mexico and Central America; continental influences cause climatic uniformity to be much less pronounced in the eastern and western regions at the same latitude in the North Pacific Ocean; the western Pacific is monsoonal - a rainy season occurs during the summer months, when moisture-laden winds blow from the ocean over the land, and a dry season during the winter months, when dry winds blow from the Asian landmass back to the ocean; tropical cyclones (typhoons) may strike southeast and east Asia from May to December
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Geography
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Coastline
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29,751 km
Ranked 6th.
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135,663 km
Ranked 2nd.
5 times more
than
Japan
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Geography
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Elevation extremes
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Highest point
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Fujiyama 3,776 m
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sea level 0 m
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Geography
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Geographic coordinates
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36 00 N, 138 00 E
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0 00 N, 160 00 W
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Geography
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Location
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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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body of water between the Southern Ocean, Asia, Australia, and the Western Hemisphere
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Geography
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Natural hazards
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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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surrounded by a zone of violent volcanic and earthquake activity sometimes referred to as the "Pacific Ring of Fire"; subject to tropical cyclones (typhoons) in southeast and east Asia from May to December (most frequent from July to October); tropical cyclones (hurricanes) may form south of Mexico and strike Central America and Mexico from June to October (most common in August and September); cyclical El Nino/La Nina phenomenon occurs in the equatorial Pacific, influencing weather in the Western Hemisphere and the western Pacific; ships subject to superstructure icing in extreme north from October to May; persistent fog in the northern Pacific can be a maritime hazard from June to December
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Geography
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Natural resources
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negligible mineral resources, fish
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oil and gas fields, polymetallic nodules, sand and gravel aggregates, placer deposits, fish
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Geography
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Terrain
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mostly rugged and mountainous
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surface currents in the northern Pacific are dominated by a clockwise, warm-water gyre (broad circular system of currents) and in the southern Pacific by a counterclockwise, cool-water gyre; in the northern Pacific, sea ice forms in the Bering Sea and Sea of Okhotsk in winter; in the southern Pacific, sea ice from Antarctica reaches its northernmost extent in October; the ocean floor in the eastern Pacific is dominated by the East Pacific Rise, while the western Pacific is dissected by deep trenches, including the Mariana Trench, which is the world's deepest
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