Economy of Japan

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Japan has a highly developed mixed economy. It is known as an East Asian model for its public investment into strategic sectors. Japan is the fourth-largest economy in the world by nominal GDP and the fifth-largest by purchasing power parity (PPP). It constituted 3.7% of the world's economy on a nominal basis in 2024. A founding member of the G7 and an early member of the OECD, Japan was the first country in Asia to achieve developed country status. In 2024, Japan was the sixth-largest in the world as an importer and eight-largest as an exporter. The country also has the world's fourth-largest consumer market, and consumption accounts for around 53% of GDP. Long having been an agricultural country, it has been estimated that Japan’s economy was among the top ten in the world by size before the industrial revolution started. Industrialisation in Japan began in the 19th century with the Meiji Restoration, initially focusing on the textile industry and later on heavy industries. The country...

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