A retrospective review of Japan’s transformative shifts in international trade and macroeconomic policies over recent decades
Huiyu Chen
Chiang Mai University
DOI: https://doi.org/10.59429/bam.v6i4.8369
Keywords: Japan economic policy; International trade; Macroeconomic transformation; Post-war reconstruction; Economic miracle; Asset bubble; Lost Decade; Financial reform; Global integration; Trade agreements; Abenomics; Asia-Pacific economy
Abstract
This study provided a comprehensive review of the pivotal transformations in Japan’s international trade and macroeconomic policies from the 1950s to the present, tracing Japan’s economic journey from post-war reconstruction and the rapid industrialisation of the economic miracle era, through the structural shifts prompted by the 1970s energy crisis, the asset bubble and subsequent economic downturn in the 1980s and 1990s and into the era of global integration in the 2000s. The review also examined the policy initiatives under Abenomics, assessing how Japan navigated challenges such as currency appreciation, trade imbalances, financial crises and demographic changes. Through analysing these phases, the study highlighted Japan’s remarkable ability to adapt its economic strategies to shifting global and domestic landscapes. The findings highlighted Japan’s evolving role in global trade, the significance of policy innovation in maintaining economic resilience and provided insights into effective policy responses within dynamic international economic environments. This research offered a detailed understanding of how Japan’s policy evolutions influenced its economic trajectory and contributed to its resilience. Future studies could build on these insights to explore the long-term impacts of contemporary policies and compare Japan’s adaptive strategies to those of other advanced economies facing similar challenges.
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