Japan Loses Its Spot as World's Third-Largest Economy as It Slips Into Recession
Japan Loses Its Spot as World's Third-Largest Economy as It Slips Into Recession
Japan’s economy unexpectedly slipped into recession after shrinking for a second quarter due to anemic domestic demand, prompting some central bank watchers to push back bets on when the nation’s negative interest rate policy will end.
Japan, and Germany need to drop further. Would be nice if Russia, Indonesia and Brazil took their place.
I wouldnt bet on brazil, not with this halfassed coalition neoliberal government.
we aint undoing bolsonaro's rampage that soon but things are actually looking decent for the long term if we don't fall to fascism again.
saw that on tv here in germany, was so funny to watch then pretend that this means our econemy is going well
ecEnemy kinda has a good ring to it friend, might need a bit more work but thanks for the idea
that was just dsylexia lmfao
Without realizing that it's them tomorrow in that same headline
But the Japanese stock market is at record highs, which really goes to show how accurately reflective of the economy the stock market is.
Kind of crazy to me. The country I associate very strongly with like… advanced tech, the digitization of business, and high educational standards seems to be really struggling to keep up with the global market.
I know an aging population and the minimalist culture is part of it but I am curious on what other factors are at play.
japan's economy has been stagnated for more than 30 years, that prosperous nation image is mostly fabricated by usa to contain the advance of communism in asia, same thing about korea, we have a image presented to us by a heap of cultural production that south korea is this prosperous and wonderful place.
ROK makes Japanese work-life balance seem well-adjusted and healthy. No amount of money would ever persuade me to take a job there.
But yeah, our economy has been struggling. We definitely had a period of growth, but the US would never let that continue if we became any real threat to them. US did the same thing when communist parties were growing here and they've never really fully recovered; our national pary has become soc-dem at best. I maintain some hope because at a local level there are still more socialist chapters.
I lived in Japan and there are aspects where it is ahead but other aspects where it is stuck in 1970s with its processes and bureaucracy. For example in Saudi Arabia you can renew your passport and get a simcard without leaving the house and promptly. Last time I did my passport was delivered within 3 days and the simcard within 2 hours. In Japan getting my drivers license required multiple visits to various government offices and lots of paperwork. Similarly for getting a simcard, except for visiting the government offices part. Japan does have a significantly better infrastructure and more advanced and punctual mass transit system though.
It's...getting better, albeit very very slowly like everything else here. I think the pandemic helped push things a bit. A lot more services are available online than they used to be. For example visa renewals you can actually do online now, though it requires you purchase some extra hardware for your PC that you probably don't have lying around (like an IC card reader).
This was their vision that they want to pass, but in reality their economy is still stuck with outdated production methods, and there is still a lot of bad bureaucratization in both the government and companies. Not to mention that with the agreements of Plaza Accord, destroyed Japan's competitive advantages over the US.
the digitization of business
maybe but as of a few years ago many business processes still involve the fax machine
Hospitality IT in Japan here, we still heavily use fax. When we were opening the property they wanted me to get the fax lines setup as a higher priority than even getting the guest networks online.
We honestly don't want to use them at our property, but the issue is that many suppliers require orders be faxed. We buy almost 100% local and most of the vendors are older family owned businesses that won't take orders any other way, and so that means all other businesses basically are required to support fax as well.
Well… yes… but if I had to choose a country to invest in between one that specializes in digitizing business and one that specializes in fax machines I’m probably choosing the former
I am curious on what other factors are at play.
Plaza Accords crashed Japanese exports so much they still can't dig themselves out of the hole, especially that their policies barely even changed since then.
The revival of China must've hit both Japan and the quislings hard, a decade ago most of our electronics were either japanese or korean, now they're chinese. Same for cars, they're slowly losing their market share with the emergence of chinese car brands.
It's happening!