Book Authored (ISBN-10: 0824821599)

Book Authored (ISBN-10: 0824821599)
Sovereign Rights and Territorial Space in Sino-Japanese Relations: Irredentism and the Diaoyu/Senkaku Islands (ISBN-10: 0824824938)

Tuesday, March 27, 2012

The End of the “Number One”/The First Trade Deficit

It is well-known that Japan has been one of trade surplus nations for over three decades. The year 2011 is significant year for the Japanese. That is, Japan has become the trade deficit since 1980. In addition, the 3.11 tragedy has put Japan into the financial crisis. In 2011, the exports went down by 2.7 percent from 2010, about 65.55 trillion yen. The imports grew by 12 percent, reaching 68.08 trillion yen. The total trade deficit is about 2.5 trillion yen (Japan Times, 26 January 2012). “Investor confidence in Japan could be rattled if the country cannot raise its consumption tax…. (Washington Post 25 January 2012). The “if” might or might not become reality, but Prime Minister Noda has a lot of explaining to do to tax payers.

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