The Weekly Journal

Government of Japan:

Constitutional Monarchy - Power of Emperor limited
PM holds most power, through Emperor is Head of State
National Diet - Bicameral Legislature
-H. of Chancellors - Upper - 242 legislators
-H. of Reps. - Lower - 480 legislators (722 total)
Diet elects PM, approved by Emperor
PM has 14-member Cabinet
-PM appoints/sacks ministers w/o outside approval
Independent Judiciary, based on European model
Supreme Court, 3 lower levels
-SC 15 justices, appointed by PM/approved by Emperor
-Mandatory retirement age 70
-Retains power of judicial review
-Western-style Common Law adopted

Currency:
Japanese Yen
-3rd most traded currency in the world, behind USD, Euro
-Yen/USD exchange locked at ¥360:$1 1945-1971, floating exchange rate since
-Since mid 1980s, Yen increases value vs. USD

Economy
-3rd largest in the world, after the United States and China
-1960-1991 “Economic Miracle” lead by U.S. investments in Japan
-1991 real estate/stock bubble bursts, Tokyo S.E. collapses, Japan plunges into recession
-1990s known as “Lost Decade”
-2000s Japan recovers, suffers from global recessions in 2004, 2008

-Diversified manufacturing
-Cars (Toyota, Lexus, Hyundai, Mitsubishi)
-Consumer electronics (Canon, Sony, Toshiba, JVC, Nikon, Nintendo)
-Biochemistry

-2nd largest fishing industry in the world

-GDP $5 trillion (1/3 of that of the United States)

-Japan does not possess very many natural resources, must rely heavily on imports to sustain robust economy
-Timber, precious metals in particular
-Strong infrastructure
-High-speed rail
-Tokyo subway system supports largest metropolitan area in the world