They got overtaken by Germany a country with 50% lower population and the gap is widening. Their gdp per capita is below some Eastern European countries and way below other developed countries that used to have similar gdp per capita. Yen’s devaluation is getting faster so in the future I don’t think Japan can even be called a first world country anymore. What exactly caused this? I know Japan has been in recession since the early 90s but this last few years seem to be extra harsh on Japan
In: Economics
I think the top answers are poor, sorry.
By far the main reason is China (and to lesser extent South Korea, Taiwan, others) outcompeted them. For all its prowess, 80’s/early 90’s Japan was export-oriented and relied on the traditional West, above all the USA, to import their goods.
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