Previously, Japan has greatly benefitted from many of the agreements and negotiation rounds that the WTO (World Trade Organization) has set in place. From the initial trade agreements set in place after WWII, Japan was able to freely trade with other countries and open it's doors to working with countries all around the world. Much of Japan's postwar economic expansion is due to this and to the Bretton Woods agreement. One particular agreement that has benefitted Japan is the ITA (Information Technology Agreement). Japan was one of the countries that lead this agreement which works to reduce trade barriers and eliminate tariffs for the rapidly growing electronics and IT industry. This agreement aims to completely eliminate tariffs on around 200 products for the 92 participating countries by 2024. Since Japan is a large manufacturer and exporter of electronic products, the elimination of tariffs and trade barriers for electronics is highly beneficial for the country. It was e...
Japan has often been regarded as a country that has equal opportunities for all. However, it seems as if poverty and wealth inequality in Japan had been steadily getting worse for the past two decades. According to data from the OECD & World Bank, the rate for relative poverty in Japan is 15.7% (higher than OECD Avg. of 11.7%). It also shows that Japan's middle class is slowly becoming smaller while the share of low-income households rises (Huang, Eustance). Could age be a factor in this issue? It is a known fact that Japan's demographics show a largely aging population with the percentage of those aged 65 and older increasing while the percentage of the population below 65 declines. Many Japanese companies emphasize company loyalty and taking care of older workers who tend to earn higher salaries as they gain more seniority, but compared to other countries, Japan doesn't have "executive pay" that creates a wage gap between employees and executives (Huang, E...