1. 1
A Country Analysis
Of
Japan
Submitted to:- Submitted by:-
Mr. Ashutosh Sharma Veeraj Vashishtha
(Faculty Global Business) (MBA Year 1)
(NIIT University) (FMG 061)
Veeraj NU MBA (FMG 061)
2. 2
ACKNOWLEDGEMENT
This report has been prepared to give a brief introduction of Japan, covering trade patterns,
demographics, laws and regulations, policies by Japanese government. A brief analysis of
balance of payment and trade is also done to analyse the situation in Japanese economy from
an investor point of view and looking forward towards Japan not only as any other nation but
as an opportunity to do business. This project has helped us in broadening our perspectives of
thinking as a management graduate. As this project covered all the points, it was not a easy
job to be completed, the analysis of minute things about the economy and trend has helped a
lot in developing a practical approach towards the subject. At times I felt a chill of anxiety
and thrill, but the project included some interesting things as data gathering, data analysis,
drawing figures which developed creativity in me and because of which this project became a
success. The project not only let us think more practically, but also acted as a drop of
knowledge into the vessel of our minds as we were able to figure out what was estimable in
the Japanese economy and what was bad. Though I have mentioned all the things I learnt
while working on this project I would like to mention a name without whom this project was
not possible. I express my sincere gratitude to our faculty Mr. Ashutosh, whose critical
analysis from time to time have lead me to develop this report and his able guidance gave the
direction of study and was eager enough to quench my instable thirst of answering to the
smallest of the queries. I shall cherish his help and guidance for a long time to come.
Veeraj NU MBA (FMG 061)
3. 3
Table of Contents
A Brief History ................................................................................................................................... 5
Country Size ...................................................................................................................................... 5
CLIMATE ............................................................................................................................................ 6
Ethnic Groups, Languages and Religions ............................................................................................ 6
Demographics Trends and Population Structure ................................................................................ 7
Major Exporting Partners and Composition of Exports ....................................................................... 7
Major Importing Partners and Composition of Imports ...................................................................... 8
Economy Sector Composition ............................................................................................................ 8
Automotive Parts .............................................................................................................................. 8
Retail ................................................................................................................................................. 8
ICT..................................................................................................................................................... 9
Biotechnology ................................................................................................................................... 9
Medical Care ..................................................................................................................................... 9
Environment ..................................................................................................................................... 9
FDI and Trade .................................................................................................................................... 9
Japan GDP growth rate .................................................................................................................... 10
GDP per capita ................................................................................................................................ 11
Unemployment Rate ..................................................................................................................... 11
Currency (YEN) ................................................................................................................................ 11
Balance of Trade . ........................................................................................................................... 12
Type of Government and Political Conditions .................................................................................. 12
Human Development Indicator ........................................................................................................ 12
Japan’s membership in International Organizations. ........................................................................ 12
Conclusion ...................................................................................................................................... 15
Figure 1 ........................................................................................................................................... 16
Figure 2 ........................................................................................................................................... 17
Figure 3 ........................................................................................................................................... 18
Figure 4 ........................................................................................................................................... 19
Figure 5 ........................................................................................................................................... 20
Figure 6 ........................................................................................................................................... 20
Figure 8 ........................................................................................................................................... 22
Figure 9 ........................................................................................................................................... 22
Figure 10 ......................................................................................................................................... 23
Veeraj NU MBA (FMG 061)
5. 5
A Brief History
The economic history of Japan is one of the most studied for its spectacular growth after the
Meiji Restoration when it became the first non-European Power and after the Second World
War when the island nation rose to become the world's second largest economy. Though
there has been many ups and downs in Japanese economy but because of it’s clear cut
policies of liberalization and manufacturing Japan has managed to beat the threat of slowing
down it’s growth. Japan is highly earthquake prone and typhoons in Japan are very common
due to this Japan has emerged as a developer of houses that can sustain huge shocks of
earthquakes. Japan was primarily an agrarian economy and later shifted to manufacturing.
Manufacturing has been a key element in Japan's economic expansion during three periods of
phenomenal growth. First, during the 50-year rise of Japan from a feudal society in 1868 to a
major world power in 1918, output in manufacturing rose more rapidly than that of other
sectors. Second, during the 1930s, when Japan recovered from the world depression earlier
and faster than any other country and embarked on an aggressive course in Asia,
manufacturing, especially heavy industries, again had the highest rate of growth. Third, in the
remarkable recovery since World War II, manufacturing, which had suffered severely during
the latter stages of the war, was again a leader, although commerce and finance expanded
even more rapidly. Even though most of the Japanese industries were destroyed in Hiroshima
and Nagasaki Atomic Bombings, Japan managed to grow at a commendable pace. During the
1970s and early 1980s, the rate of Japan's industrial growth surpassed that of any other non-
Communist industrialized country. Of the 26 largest industrial companies in the world in the
mid-1980s—those with sales of $20 billion or more—four were Japanese: Toyota Motor,
Matsushita Electric, Hitachi, and Nissan Motor. In addition to spectacular expansion in the
volume of output, Japanese industry has also achieved impressive diversity, with maximal
application of efficiency standards and technological input. In 1997, industry accounted for
about 38% of GDP and 33% of the total labour force.
Country Size
The geographical area of Japan is 377,835 square kilo meters (145,883 square miles) which
accounts 0.074% area of the whole world, out of which 374,834 km2 (144,724
square miles) is land and 3,091 km2 (1,193 square miles) is water. The highest point on
mainland is Mount Fuji (Fujiyama) (3,776 meters/12,388 feet) and the lowest point on land
is Hachirogata (4 meters/13.1 feet below sea level). The time zone that Japan follows
is 9 P.M. = noon GMT. The longest distances is of 3,008 kilo meters (1,869 miles) from
northeast to southwest; and 1,645 kilo meters (1,022 miles) from southeast to northwest.
There are no land boundaries, states or provinces in Japan. Japan has a coastline of 29,751
kilo meters (18,486 miles) and Territorial sea limits of 22 kilo meters (12 nautical miles). The
currency of Japan is yen (¥) and is equivalent to 100 sen. Yen is issued in coins of 1, 5, 10,
50, 100, and 500 yen, and notes of 500, 1,000, 5,000, and 10,000 yen. ¥1 = $0.0083 (or $1 =
¥120) as of May 2003.
Veeraj NU MBA (FMG 061)
6. 6
CLIMATE
Most of Japan is in the temperate zone, with the exception of the subtropical southern island
chains. There are four distinct seasons: winter (December through February), spring (March
through May), summer (June through August), and autumn (September through November.)
The average annual temperature is 15°C (59°F) with a winter range of -9°C to 16° C (15°F to
61°F) and a summer range of 20°C to 28°C (68°F to 82°F). Humidity is high, ranging from
50 percent to 75 percent.
The peak rainy season is from May to October, with some regional variations. Yearly rainfall
averages 100 to 250 centi meters (39 to 98 inches). Southern Shikoku Island is particularly
vulnerable to typhoons, which are violent cyclonic storms from the Pacific. In regions
bordering the Sea of Japan, the winter monsoon, laden with snow, can be destructive.
Snowfall is generally heavy along the western coast, where it covers the ground for almost
four months. Sometimes typhoons, bringing fresh torrents of water to the rivers, convert
whole plains into vast lakes and sweep away roads and railroads.
Ethnic Groups, Languages and Religions
The Japanese people originating in the Japan are called as (日本人 Nihonjin, Nipponjin?)
archipelago and are the predominant ethnic group of Japan and the people having Japanese
ancestry but live in other countries are referred to as nikkeijin (日系人?). There are some
other ethnic groups also like Yamato, Ainu and Ryukyuan. The language spoken in Japan is
Japanese, The Japanese language is a Japonic language that is sometimes treated as
a language isolate; it is also related to the Ryukyuan languages, and both are suggested to be
part of the proposed Altaic language family. The Japanese language has a tripartite writing
system using Hiragana, Katakana,and Kanji.Domestic Japanese people use primarily
Japanese for daily interaction. The adult literacy rate in Japan exceeds 99%. Japanese religion
has traditionally been syncretic in nature, combining elements of Buddhism and Shinto.
Shinto, a polytheistic religion with no book of religious canon, is Japan's native religion.
Shinto was one of the traditional grounds for the right to the throne of the Japanese imperial
family, and was codified as the state religion in 1868 (State Shinto was abolished by
the American occupation in 1945). Mahayana Buddhism came to Japan in the sixth century
and evolved into many different sects. Today the largest form of Buddhism among Japanese
people is the Jōdo Shinshū sect founded by Shinran. Most Japanese people (84% to
96%) profess to believe in both Shinto and Buddhism. The Japanese people's religion
functions mostly as a foundation for mythology, traditions, and neighbourhood activities,
rather than as the single source of moral guidelines for one's life.
Veeraj NU MBA (FMG 061)
7. 7
Demographics Trends and Population Structure
As of March 2009, Japan's population is 127,076,183, making it the world's tenth most
populated country. Its size can be attributed to fast growth rates experienced during the late
19th and early 20th centuries. Japan experienced net population loss in recent years due to
falling birth rates and almost no net immigration, despite having one of the highest life
expectancies in the world at 81.25 years of age as of 2006. The population decreased by
183,000 in 2009. Japan is an urban society with about only 5% of the labour force engaged
in agriculture. Many farmers supplement their income with part-time jobs in nearby towns
and cities. Japanese people enjoy a high standard of living, and nearly 90% of the population
consider themselves part of the middle class. However, many studies on happiness and
satisfaction with life tend to find that Japanese people average relatively low levels of life
satisfaction and happiness when compared to most of the highly developed world; the levels
have remained consistent if not declining slightly over the last half century.
Major Exporting Partners and Composition of Exports
Japan's major trading partners are the Asian Pacific countries, the United States, the EU, and
the Persian Gulf countries. The United States is Japan's largest single trading partner. In
1999, it accounted for 30.7 percent of Japan's exports, an increase from its share of 27.3
percent in 1995. As a group of countries, the Asian Pacific countries (South Korea, Taiwan,
Hong Kong, China, Singapore, Thailand, and Malaysia) form the largest collective trading
partner of Japan. In 1999, they accounted for 37.2 percent of its exports, a decrease from their
1995 share of 43.2 percent. The Asian financial crisis of the 1990s resulted in a decline in
Japan's exports to these countries. The EU (especially Germany and the United Kingdom) is
Japan's third largest trading partner, accounting for a 17.8 percent share of Japan's exports,
compared to its 1995 shares of 15.9. Major exports of Japan include electrical equipment and
machinery, electronics, telecommunication and computer devices and parts, transport
equipment and motor vehicles, non-electrical machinery, chemicals, and metals. In 2000, the
values of Japan's exports were $450 billion. (Refer Figure 1, 2, 4 )
Veeraj NU MBA (FMG 061)
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Major Importing Partners and Composition of Imports
The United States is Japan's largest single trading partner. In 1999, it accounted for 21.7
percent of its imports, a decrease from its 1995 share of 22.4 percent. As a group of countries,
the Asian Pacific countries (South Korea, Taiwan, Hong Kong, China, Singapore, Thailand,
and Malaysia) form the largest collective trading partner of Japan. In 1999, they accounted
39.6 percent of its imports, an increase from their 1995 share of 36 percent. As the main oil
suppliers to Japan, the United Arab Emirates and Saudi Arabia accounted for 5.5 percent of
Japan's imports in 1999, a small decrease from their share of 5.9 percent in 1995. The EU
(especially Germany and the United Kingdom) is Japan's third largest trading partner,
accounting for a 13.8 percent of its imports in 1999, compared to its 1995 shares of 14.5
percent. Japan's economic slowdown of the 1990s reduced its fuel requirements and therefore
lowered its imports from the United States and the EU. Its imports are mainly machinery and
equipment, raw materials, including minerals and fuel (oil, liquefied natural gas, and coal),
agricultural products, and fishery products. (Refer Figure 3 and 5)
Economy Sector Composition
The main contribution to Japanese economy is done by services sector, services sector alone
contributes 74.6% to the GDP, at the second spot is industry which contributes 24% to the GDP.
Automotive Parts
The year 2006 was one in which Japan led the world in terms of the number of automobiles
produced. Japanese automobile manufacturers produced more than 20 million units
worldwide, more than half of which were manufactured in Japan. Moreover, the export rate
of domestically produced vehicles exceeded 50%.
Retail
Japan boasts the world's second largest retail market, with a value exceeding US$1,124
billion. In addition to its size, the enormous influence of Japan's retail industry attracts global
attention as being the origin of many Asian trends. For retailers in particular, the Japanese
market offers an abundance of diverse opportunities to sell products and services that offer
luxury, style, convenience and high value.
Veeraj NU MBA (FMG 061)
9. 9
ICT
The ICT industry has broadened its focus beyond manufacturing equipment to maintenance
and management services as well as creating audio, video, print and digital content. These
developments are anticipated to create a variety of new opportunities in Japan's ICT market.
Biotechnology
In 2005, Japan's biotechnology market was an estimated 1.76 trillion yen, making it the
second largest in the world, after the U.S. The market is expected to continue to grow and
expected to reach 25 trillion yen by 2010 due to factors such as the aging of society and
increasing health awareness.
Medical Care
As Japan's population ages more rapidly than that of any other developed country, the
medical care and welfare markets in Japan are expected to expand significantly in the future.
In response to the public's increased awareness of health issues and the government's
implementation of supportive policies, the market is showing signs of developing new fields
that include preventive medicine and nursing care services with emphasis on the prevention
of age-related diseases.
Environment
According to a survey conducted in 2003 by the Ministry of the Environment, the eco
business market is projected to grow from 28.9 trillion yen in 2000 to 62 trillion yen in by the
end of 2012. Eco businesses that provide technology, products, or services that contribute to
the protection of the environment play a vital role in the creation of a sustainable
socioeconomic system with a low environmental impact, and the government will continue to
actively promote and foster these businesses in the future.
FDI and Trade
The shift of Japanese production abroad has stimulated imports from overseas affiliates in
particular, the share of manufactured goods in total imports has grown. Analysis indicates that a
higher stock of Japanese FDI has permanently affected imports—between 1990 and 1995,
outward FDI may have increased merchandise imports by around 10 percent. The relationship
between FDI and exports is more complex. FDI flows of Japan have a significant impact on
exports but that the stock of FDI has no significant effect. In other words, FDI has only a
Veeraj NU MBA (FMG 061)
10. 10
temporary impact on Japanese exports— plausibly because new facilities set up by Japanese
firms are often equipped using capital goods from Japan. Once production overseas is on track,
however, the finished products that were once exported from Japan will be manufactured
overseas. It is difficult to determine a prior whether FDI results in a long-term rise or fall in total
exports, but the impact of FDI on the export structure is more clear-cut—exports of capital goods
rise and exports of consumer goods decline. And, of course, exports from firms located abroad
increase as their production increases. (Refer Figure 6 and 7)
Japan GDP growth rate
The Gross Domestic Product (GDP) in Japan contracted 0.2 percent in the fourth quarter of
2011 over the previous quarter. Historically, from 1980 until 2011, Japan's average quarterly
GDP Growth was 0.52 percent reaching an historical high of 3.15 percent in June of 1990 and
a record low of -4.90 percent in March of 2009. Japan's industrialized, free market economy
is the second-largest in the world. Its economy is highly efficient and competitive in areas
linked to international trade, but productivity is far lower in protected areas such as
agriculture, distribution, and services. Japan's reservoir of industrial leadership and
technicians, well-educated and industrious work force, high savings and investment rates, and
intensive promotion of industrial development and foreign trade produced a mature industrial
economy. Japan has few natural resources, and trade helps it earn the foreign exchange
needed to purchase raw materials for its economy. (Refer Figure 8)
Veeraj NU MBA (FMG 061)
11. 11
GDP per capita
The GDP per capita in Japan was last reported at 39310 US dollars in December of 2010,
according to the World Bank. Previously, the GDP per capita in Japan standed at 37766 US
dollars in December of 2009. The GDP per capita in Japan is obtained by dividing the
country’s gross domestic product, adjusted by inflation, by the total population. Historically,
from 1960 until 2010, Japan's average GDP Per Capita was 26593.62 dollars reaching an
historical high of 40707.00 dollars in December of 2007 and a record low of 7117.79 dollars
in December of 1960. (Refer Figure 10)
Unemployment Rate
Japan is progressing at a high pace and growth of Japan is acclivitous always, Japan has
managed to slow down the unemployment rate in 1968 Japan reported a record low
unemployment rate of 1.00 percent in November of 1968. Japan has set up an example by
lowering down it’s unemployment rate in front of the world. There has been a lot of research
done that how can other nations also lower down their unemployment rate, can they also
practice strategies that Japan follows. The unemployment rate in Japan was 4.60% in January
2012. (Refer Figure 11)
Currency (YEN)
The Japanese Yen (sign: ¥; code: JPY) is the official currency of Japan. It is the third most
traded currency in the foreign exchange market after the United States dollar and the euro. It
is also widely used as a reserve currency after the U.S. dollar, the euro and the pound sterling.
As is common when counting in East Asia, large quantities of yen are often counted in
multiples of 10,000 in the same way as values in Western countries are often quoted in
thousands. The yen declined during the Japanese asset price bubble and continued to do so
afterwards, reaching a low of ¥134 to US$1 in February 2002. The Bank of Japan's policy of
zero interest rates has discouraged yen investments, with the carry trade of investors
borrowing yen and investing in better-paying currencies (thus further pushing down the yen)
estimated to be as large as $1 trillion (Refer figure 9).
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12. 12
Balance of Trade
Balance of trade is the difference between the imports and the exports of a country. As Japan
has always recorded a trade surplus now it is becoming difficult for Japan to cope up with the
same as there fuel requirements are growing Japan has to import a lot. Japan also faced a
Tsunami in March 2011, which bought huge losses to human lives, but also slowed down the
growth as governments budget diverted to rebuilding the areas affected by the tsunami. Japan
reported a trade deficit equivalent to 1475 Billion JPY in January of 2012. (Refer figure 12).
Type of Government and Political Conditions
Japan is a constitutional monarchy and parliamentary democracy form of government. The
emperor is the symbol of the state, but the executive power is vested in the cabinet which
consists of ministers who are civilians of the state and prime ministers who must be a Diet
member and appointed by his or her colleague. The type of government Japan has is of
Constitutional monarchy with a parliamentary government. Japan’s constitution was bought
into practice on May 3, 1947. There are several branches of the governing body in Japan
which is as follows
Branches:
Executive—Prime Minister (head of government).
Legislative-- bicameral Diet (House of Representatives and House of Councillors).
Judicial-- civil law system based on the model of Roman law.
Administrative subdivisions: 47 prefectures.
Political parties: Democratic Party of Japan (DPJ),
Social Democratic Party (SDP),
People’s New Party (PNP),
Liberal Democratic Party (LDP),
New Komeito Party (NK),
Japan Communist Party (JCP),
Your Party (YP).
Human Development Indicator
Japan is ranked 12th in the HDI index amongst 187 nations which shows a positive sign about
Japans strategies of keeping their employees happy and developing a workforce which is
highly skilled and educated by giving them appraisable health facilities. (Refer Figure 13 )
Japan’s membership in International Organizations.
Japan is a member of following international organisations. The list is as follows:-
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13. 13
African Development Bank Group (AfDB) (non regional member)
Asian Development Bank (ADB)
Asia-Pacific Economic Cooperation (APEC)
Asia-Pacific Tele community (APT)
Association of Southeast Asian Nations (ASEAN) (dialogue partner)
Association of Southeast Asian Nations Regional Forum (ARF)
Australia Group
Bank for International Settlements (BIS)
Colombo Plan (CP)
Council of Europe (CE) (observer)
East Asia Summit (EAS)
European Bank for Reconstruction and Development (EBRD)
European Organization for Nuclear Research (CERN) (observer)
Food and Agriculture Organization (FAO)
Group of Five (G5)
Group of Seven (G7)
Group of Eight (G8)
Group of Ten (G10)
Group of Twenty Finance Ministers and Central Bank Governors (G20)
Inter-American Development Bank (IADB)
International Atomic Energy Agency (IAEA)
International Bank for Reconstruction and Development (IBRD)
International Chamber of Commerce (ICC)
International Civil Aviation Organization (ICAO)
International Criminal Court (ICCt)
International Criminal Police Organization (Interpol)
International Development Association (IDA)
International Energy Agency (IEA)
International Federation of Red Cross and Red Crescent Societies (IFRCS)
International Finance Corporation (IFC)
International Fund for Agricultural Development (IFAD)
International Hydrographic Organization (IHO)
International Labour Organization (ILO)
International Maritime Organization (IMO)
International Mobile Satellite Organization (IMSO)
International Monetary Fund (IMF)
International Olympic Committee (IOC)
International Organization for Migration (IOM)
International Organization for Standardization (ISO)
International Red Cross and Red Crescent Movement (ICRM)
International Telecommunication Union (ITU)
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14. 14
International Telecommunications Satellite Organization (ITSO)
International Trade Union Confederation (ITUC)
Inter-Parliamentary Union (IPU)
Latin American Integration Association (LAIA)
Multilateral Investment Guarantee Agency (MIGA)
Nuclear Energy Agency (NEA)
Nuclear Suppliers Group (NSG)
Organization for Economic Cooperation and Development (OECD)
Organization for Security and Cooperation in Europe (OSCE) (partner)
Organization for the Prohibition of Chemical Weapons (OPCW)
Organization of American States (OAS) (observer)
Pacific Islands Forum (PIF) (partner)
Paris Club
Permanent Court of Arbitration (PCA)
South Asian Association for Regional Cooperation (SAARC) (observer)
Southeast European Cooperative Initiative (SECI) (observer)
United Nations (UN)
United Nations Conference on Trade and Development (UNCTAD)
United Nations Disengagement Observer Force (UNDOF)
United Nations Educational, Scientific, and Cultural Organization (UNESCO)
United Nations High Commissioner for Refugees (UNHCR)
United Nations Industrial Development Organization (UNIDO)
United Nations Institute for Training and Research (UNITAR)
United Nations Relief and Works Agency for Palestine Refugees in the Near
East(UNRWA)
Universal Postal Union (UPU)
World Confederation of Labour (WCL)
World Customs Organization (WCO)
World Federation of Trade Unions (WFTU)
World Health Organization (WHO)
World Intellectual Property Organization (WIPO)
World Meteorological Organization (WMO)
World Tourism Organization (UNWTO)
World Trade Organization (WTO)
Zangger Committee (ZC)
Veeraj NU MBA (FMG 061)
15. 15
Conclusion
Japan is the third largest economy of the world. With ranking at second spot in car
manufacturing, Japan is the largest manufacturers of electronic goods. Japan has created
history by showing a remarkable growth rate even after facing numerous natural calamities
and the disaster of Hiroshima and Nagasaki bombings during world war second. Sixty eight
out of fortune five hundred companies are Japanese. Japan also faced an asset bubble in 90’s
due to high rise in real estate prices but sooner was able to come out of the economic
slowdown. Till 2010 Japan was the second largest economy in the world but was surpassed
by China. Japan is also earthquake prone and it faced Tsunami in 2011 losing 20000 people
and killing many. As Japan cannot fulfil fuel requirements and imports a huge amount if it, it
seems to be a problem from an investor point of view. Also Japan’s most of the population is
aging, so a investor may face workforce problem after a significant amount of time. But the
facts reveal that Japan has never laid down it’s arms in front of any problem whether it be
economic slowdown, natural calamity, bubble burst or world war. Japanese economy has
always shown miracles and has been able to set benchmarks and examples in front of the
world so I conclude that Japan can be seen as a good investment decision.
Veeraj NU MBA (FMG 061)
16. 16
1000000
1500000
2500000
3000000
3500000
4000000
4500000
2000000
0
500000
Figure 1
Q1-1987
Q3-1988
Q1-1990
Q3-1991
Q1-1993
Q3-1994
Q1-1996
Q3-1997
Q1-1999
Q3-2000
Q1-2002
Q3-2003
Q1-2005
Japan exports
Q3-2006
Q1-2008
Q3-2009
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Q1-2011
Japan
17. 17
Figure 2
Merchandise Exports Japan
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20. 20
Figure 5
Figure 6
80,000
70,000 China
AsiaNIES
60,000
Hong Kong
50,000 Taiwan
Korea
40,000
Singapore
30,000 ASEAN４
20,000 Thailand
Indonesia
10,000
Malaysia
0 Philippines
end end end end end end end end end end end end end end end Vietnam
of 96 of 97 of 98 of 99 of 00 of 01 of 02 of 03 of 04 of 05 of 06 of 07 of 08 of 09 of 10
India
FDI Outward Stock
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21. 21
Figure 7
25,000
China
20,000 AsiaNIES
Taiwan
15,000
Korea
Hong Kong
10,000
Singapore
5,000 ASEAN４
Thailand
0 Indonesia
end end end end end end end end end end end end end end end Malaysia
-5,000 of of of of of of of of of of of of of of of
96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 Philippines
Vietnam
FDI Inward Stock
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23. 23
Figure 10
Figure 11
400
350 15 to 64 years old
300
15 to 24 years
250 old
25 to 34 years
200
old
150 35 to 44 years
100 old
45 to 54 years
50
old
0 55 to 64 years
old
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26. 26
Bibliography
(1) World Bank
(2) Nations Encyclopaedia
(3) Japanese Guide
(4) Trading economics
(5) Japanese Governments sites
(6) UNCTAD
(7) OECD
(8) CIA
Veeraj NU MBA (FMG 061)
