In the early 90s, Japan had the most advanced production and technical base. In this position, Japan was inferior to the USA and some developed states of Western Europe.
This circumstance allowed Japan to develop significantly in the field of the latest technologies.
Thanks to this, Japan is now in third position among the world’s trading giants after the USA and Germany.
A characteristic feature of the way of life of Japanese society is thrift. Whenever possible, the Japanese seek to save money for a rainy day. This feature of millions of Japanese has become the main source of funding for the development of the Japanese economy in difficult times.
An important role in the development of the country’s economy was played by the relative isolation of the state from the centers of Eastern and Western civilization. This was reflected in the fact that the Japanese sought to borrow aspects of advanced cultures and then assimilate them to their traditional values.
The growth of the Japanese economy was also significantly affected by the fact that the state, which actually does not have its own raw material base, imports raw materials (especially oil) at a fairly low cost and, thanks to this, receives cheap energy. The leading position in the development of the economy is also occupied by conducting own scientific research in various fields, as well as the creation of scientific and industrial complexes and zones.
In Japan, the extractive sector is poorly developed, and the production of products with high added value prevails. In the first place – cars and spare parts for them. This direction is traditional for Japan, and the quality of products meets recognized standards. Japanese cars are also distinguished by durability. Production was especially profitable until the 90s. 20th century, and then increased competition, first with the United States and then with Asian countries, especially China. Now in the Chinese auto industry, the introduction of new technologies is faster than in Japan. They are more actively switching to electric vehicles, constantly improving their characteristics. Japan has traditionally focused on economical gasoline engines, having achieved great success in this matter. This is especially true for cars of the Japanese brand Toyota, which became famous throughout the world for the production of economical internal combustion engines and was considered the standard of environmentally friendly transport. Now, electric vehicles are considered the most environmentally friendly, and in this direction, Japan is far from being a leader.
The production of household and computer equipment, microcircuits and equipment plays an important role. The metallurgy and chemical industries, including the production of petroleum products, are quite developed.