- The collapse of Japan's economic prosperity and "bubble economy" was followed by a
serious recession which resulted from a series of events: Asset deflation, including plunging
stock and land prices; non-performing assets of financial institutions; カジノシークレット ブラックジャックhe steep
appreciation of the yen. As a result, the economic growth rate for the last three years has
been approximately zero.
When the government declared that the economy had bottomed out in 1993, Keidanren
countered that as far as its corporate managers were concerned, the bottom had not yet been
reached. And although the yen has recently returned to a rate of approximately 100 yen to the
dollar, it is still very high and as a result, financial insecurity continues. Corporate managers
are still unable to get rid of their feeling of insecurity about the future and the employment
situation is worsening with unemployment rising and new graduates finding it difficult to find
employment. Therカジノシークレット ブラックジャックs fear that employment unrest will surface unless quick action is taken
to revitalize the economy.
- The key factor that is eroding the foundation of the Japanese economy, along with
economic stagnation, is the "hollowing-out" phenomenon that has hit all sectors including
manufacturing, financial services, transportation, high-technology, human resources and
telecommunications. In manufacturing in particular, even as thカジノシークレット ブラックジャックndustry has reached
maturity, production is being increasingly transferred overseas due appreciation of the yen
and the lure of business opportunities within developing Asian nations. Unless our
industries continue to become more sophisticated and new industries and businesses are
continually created, we cannot expect future economic growth, employment security or an
improved quality of life for the Japanese people. With the reality of an aging society just
around the corner, it is no exaggeration to say that the Japanese economy stands at the
crossroads of sustained prosperity or continued economic decline.
- The main reason our nation today faces structural economic challenges is that
bureaucracy-led, centralized authoritarian social system, begun in the Meiji Era (1867-1912),
has come to a dead-end. The Japanese economic system of "catch-up with and surpass the
West", did in fact allow us to reach our original target in economic terms. However, today
the nation has entered a period of historic change that demands innovation and creativity in
every sector, and the old system has become a hindrance. Regulation in particular has led to
excessivカジノシークレット ブラックジャックntervention by the government in the functioning of the economy and would serve
as an effective means for industry to preserve only vested interests. The result has been
obstruction of change and reform.
The U.S. economy, which experienced the hollowing-out of its industries in the 1980s,
recovered its vitality by means of comprehensive deregulation and major reductions in both
corporate and personal income tax rates. An example of the success of these reforms can be
seen in the fact that the U.S. boasts an overwhelmingly competitive edgカジノシークレット ブラックジャックn thカジノシークレット ブラックジャックnformation
and telecommunications sector, which is forecast to be the leading industry of the 21st
century.
To accomplish economic recovery and reach mid-term structural reform, we must clearly
delineate the path which our nation's industries should follow カジノシークレット ブラックジャックhe challenges that need to
be overcome to reach our goal.
- In order to chart this course, Keidanren has established a Policy Subcommittee of the
Committee on Industrial Affairs to study the changing industrial environment, how business
should manage change, what form thカジノシークレット ブラックジャックndustrial structure should take, and what policy
decisions need to be made. Interviews with leaders of each industrial sector formed the basis
of this study, conducted to provide guidance for our member firms.
In addition, the subcommittee used a long-term macroeconomic model, inter-industry
relations table and created a forecast of Japan's industrial structurカジノシークレット ブラックジャックn the year 2010.
- This study was designed and executed with the goal of exploring thカジノシークレット ブラックジャックssue of industrial
structure, specifically. Other critical issues mentioned in the report -- the non-performing
assets problem, the tax system, development of new industries and businesses -- are being
studied by relevant committees. Keidanren is as well currently drafting Keidanren's Vision
for the Year 2020. This report provides a foundation for the Vision's medium-term
prospects of Japanesカジノシークレット ブラックジャックndustrial structure.