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A
GLOBAL / COUNTRY STUDY AND REPORT
ON
Business Overview of Japan & Trade at International level
Submitted To
(Gujarat Technological University)
IN PARTIAL FULFILLMENT OF THE
REQUIREMENT OF THE AWARD FOR THE DEGREE OF
MASTER OF BUSINESS ADMINISRATION
(Gujarat Technological University)
UNDER THE GUIDANCE OF
Prof.Bhumika Raval
Prof. Megha Bakhai
Submitted by:
Hiral Bramhbhtt (117080592005)
Archna Parmar (117080592037)
Chetna kapuriya (117080592038)
Niddhi Barot (117080592039)
Dipika Pujara (117080592041)
Grishma Patel (117080592056)
[Batch: 2011-13] MBA SEMESTER III/IV
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Student declaration
We, the student of Chudhari technical institute(batch -2011-2013), hereby declare that the report of
global /country study report entitled business overview of japan & trade at international level in
(Japan) are a result of our own work and indebtedness to other work publication reference, if any, havebeen duly acknowledge.
Place: Gandhinagar (signature)
Date: 12 December 2012 (name of student)
HiralBramhbhtt (117080592005)
Archna Parmar (117080592037)
Chetna kapuriya (117080592038)
NiddhiBarot (117080592039)
Dipika Pujara (117080592041)
Grishma Patel (117080592056)
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PREFACE
The global country report gives us knowledge regarding the sector which has much opportunity for business for India &
Gujarat. From this report we get the knowledge of particular sectors rules, law, procedure, policies, and it is very use full to
us in the development of the practical skill required of a manager and an aid to prospective employment.
Teaching gives the knowledge of theoretical aspect of management but from the global country report we get knowledge of
management field in different country &their main sector. The aim of this report is to introduce the fundamentals and the
basic principles of business in different sector of particular country japan.
Practical knowledge of this type of report is of greater important for an MBA student. We are thankful to our institute has
arranged this kind of report so that our knowledge will improve and we have also increase the team work capacity.
We thankful to Gujarat technological university for giving us such a valuableOpportunity
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ACKNOWLEDGEMENT
The satisfaction and the happiness that accompanies the successful completion of only task would be incomplete without
expression of appreciation and gratitude to the people who made it possible.
Indeed we consider it as a pleasant duty, though equally difficult to acknowledge the motivating effort of several people who
have helped us in bringing this dissertation report to find its delight.
We express our deep love and thanks to almighty .Our sincere thanks to Ms. Bhumika Raval & Ms. Megha Bakhai and the
entire staff members who have guided me in undertaking this project.
Lastly we also thank all the instructors those helped directly or indirectly for completion our project.
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Executive Summary
As we know from this report there is many tax incentives to many product in Japan. Japan promoting film industry with
allows companies wishing to invest in the production of audiovisual work to benefits from the tax exemption on retained
profits worth up to 150% of the capital actually invested. So it important that if other countries are entry in to the Japan for
invest in the production of an audiovisual work then it is benefited to that country.
With exports and imports approximately equal to GDP, Japan depends heavily on word trade. Japans trade
advantages are derived from its central geographic location and a highly skilled, multilingual, and productive workforce.
Per capita GDP of Japan in 2011 is $34,300. There are various industries like machinery and equipment, steel and
non ferrous metals, textile, autos, chemicals, electrical and electronic equipment, ships, and processed foods.
Japan, a country of islands, extends along the eastern or Pacific coast of Asia. . In total land area, Japan is slightly
smaller than California. About 73% of the country is mountainous, with a chain running through each of the main islands.
Japan's highest mountain is the world-famous Mt. Fuji (12,388 feet).
Japan's industrialized, free-market economy is the third-largest in the world. Its economy is highly efficient and
competitive in areas linked to international trade, but productivity is far lower in protected areas such as agriculture,
distribution, and services. Japan recovered slightly in 2010 and reported real GDP growth of 4.4%.
Japan's main export goods are cars, electronic devices and computers. Most important trade partners are China and
the USA, followed by South Korea, Taiwan, Hong Kong, Singapore, Thailand and Germany.
Japan has a surplus in its export/import balance. The most important import goods are raw materials such as oil,
foodstuffs and wood. Major supplier is China, followed by the USA, Australia, Saudia Arabia, South Korea, Indonesia and the
United Arab Emirates.
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TABLE OF CONTENT
SR. NO. PAGE NO. SEMESTER
1
2
3
4
5
6
7
8
9
LIST OF TABLES
SR. NO. PARTICULARS PAGE NO.
1
2
3
Table1:Japan'sMerchandiseTradewithIndia
Table2:Location wise business
establishment of Japan in India
Table3: FDI Flows with
RespecttoJapan,ChinaandIndia
LIST OF CHARTS
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SR. NO. PARTICULARS PAGE NO.
1
2
3
4
5
6
7
8
9
Chart 1: State wise Japanese Business
Establishment in IndiaChart 2: Volume of world merchandise
exports
Chart 3: Japans Trade in India
Chart 4: Indias Trade in Japan
Chart 5: Growth in volume of world
merchandise trade and GDP
Chart 6: Quarterly World exports of
manufactured goods by product
Chart 7: Real GDP growth and trade of euro
area economics
Chart 8: FDI inflow and outflow
Chart 9: FDI inflow and outflow
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CHAPTER-1:
Japan trade with other countries
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1.1Japan trade with other countries (2011-12) (Millionyen)
Sr.No. Countries
name
Export Import
1. China 10,70,244 10,41,013
2. Iran 1,36,103 10,27,380
3. Taiwan 3,67,236 1,53,383
4. Bahrain 37,303 57,374
5. Hong Kong 34,19,761 1,22,979
6. Saudi Arabia 5,17,243 40,25,783
7. Viet Nam 7,63,796 9,19,857
8. Kuwait 1,07,372 10,44,215
9. Thailand 29,88,515 19,53,163
10. Qatar 81,078 23,95,410
11. Singapore 21,70,069 6,90,941
12. Oman 2,22,645 4,09,686
13. Malaysia 14,96,147 24,25,671
14. Israel 1,73,630 86,096
15. Brunei 11,407 4,54,297
16. United Arab 5,92,258 34,13,092
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Emirates
17. Philippines 8,94,085 71,52,066
18. European
Union (EU)
76,19,252 64,11,009
19. Indonesia 14,12,322 27,15,956
21. Denmark 39,585 1,92,674
22. India 8,82,081 5,43,290
23. U.K. 13,04,442 5,78,622
24. Pakistan 1,35,255 36,563
25. Ireland 71,136 3,33,191
26. Netherlands 14,28,942 4,55,220
27. Belgium 5,41,975 2,67,438
28. France 6,37,658 9,43,602
29. Germany 18,71,403 18,56,156
30. United state 59,31,422 7,09,362
31. Portugal 36,624 40,142
32. Canada 7,09,362 10,31,567
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CHAPTER-2
International trade level of Japan
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2.1Japan & china
1. Analysis of Japan-China Trade in the first half of 2012
Overview of the first half of 2012
On the back of sluggish domestic demand due to Chinas economic slowdown, a decrease was seen in the exports of
general machines, and raw materials including iron and steel, with the exception of some products. Although exports of
consumer products such as video equipment and automobiles recorded high increases, overall exports dropped for the
first time on a first half-year basis since 2009.
With imports, an increase was noted in those of foodstuffs, car components and communication
instruments fueled by expanding demand for smart phones in Japan. While the growth remained at the
single-digit level because of sluggish domestic demand in Japan, imports did reach a record high on a
first half-year basis.
As a result, Japan-China trade showed a slight increase over the same period the year before. Chinas
share of Japans total trade dropped by 1.3 points to 19.3% from the same period of the previous year,
as the growth rate in trade with China fell below that of Japans total trade with the world. It is the first
time Chinas share has fallen below 20% in four running first half-year periods since 2008.
Japan-China Trade Statistics in the first half from
2001 -2012
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Share to Japanese total trade of China and of the US
Outlook for 2012
The Chinese government has been intensifying efforts towards easing its monetary policies to avoid further economic
slowdown. However, they are cautious about implementing large-scale stimulus measures to create domestic demand,
and any increase in demand resulting from such economic measures is expected to be limited. In addition, Chinas
slowing industrial production is forecasted to continue, thus Japans exports to China are likely to decline.
Imports from China are expected to see a modest rise, fueled by the increasing imports of smart phones.
In view of the circumstances, Japan-China trade throughout 2012 is not expected to see a large increase, but could
possibly set a new record high with a modest increase over the previous record set in 2011.
The trade deficit is likely to surpass the previous record of US$28.8 billion set in 2005.
Detail analysis
Exports:
Exports of machines and raw materials decline due to Chinas economic slowdown
Owing to Chinas sluggish rise in domestic demand due to its economic slowdown (its real GDP growth rate over the first
half of the year: 7.8%) and the strong yen, Japans exports of general machines and raw materials have been on the
decrease, with the exception of some products. On the other hand, those of video equipment and automobiles showed a
high increase, while foodstuff, which was greatly affected by Chinese import restrictions on food after the Great East
Japan Earthquake last year, also picked up.
Breakdown by product category:
Due to a drastic slowdown in Chinas industrial production, exports of semiconductors/flat -panel manufacturing
equipment, textile machinery, motors, organic compounds, iron and steel which increased last year all showed a
decrease this year. Also, the rate of decline in exports of construction machinery rose, led by Chinese government real
estate investment controls and slowing fixed asset investment. Those of electronic components including
semiconductors also showed a sharp decrease in growth rate.
Thanks to expanding demand worldwide for smart phones and tablet PCs, an increase was seen in Japanese exports
of metalworking machinery such as machining centers needed for production in China, liquid crystal devices and
polarizing plates for liquid crystal panels.
On the back of Chinas market expansion, Japans exports of consumer products including audiovisual equipment such
as single-lens reflex digital cameras and automobiles showed a considerable increase. Also, food exports, especially
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marine products, picked up as China eased food import regulations it had established in the wake of the nuclear
accident following the March 11 disaster.
When looking at the influence of Europes debt crisis on Japanese exports to China, a decrease was noted in Chinas
exports of clothing, as well as in solar power cells due to falling prices in Europe, which in turn triggered a sharp drop in
Japans exports of high-pure silicon, wafers and textile machinery to China. However, the proportion of these products
in Japans overall exports to China was small, so it could be said the EU debt crisis had only a limited effect on Japans
overall exports to China in the first half of 2012.
Importers:
Imports surge, fueled by smart phones, food and car components
a steady increase was noted in Japanese imports from China in the first half of 2012. However, the growth remained
single-digit due to stagnant domestic demand. In addition to imports of electrical equipment such as communication
devices, those of transportation equipment centering on automobile components were on the rise. Food imports also
posted a positive growth centering on fish and shellfish.
Breakdown by product category:
Imports of high-value added communication devices continued to surge with an increase in smart phone popularity.
Those of tablet PCs and car components centering on multi-purpose items also increased. Food imports showed a
double-digit increase, backed by fading concern for Chinese food safety, rising domestic demand for low price products,
and a price hike in broiled eel.
Imports of rare earths and rare metals considerably dropped reflecting Chinas tightening export regulations and falling
prices. Also, with a drastic sales decrease of liquid crystal televisions in Japan, audiovisual products saw a sharp
decline of nearly 20%.
Imports of clothing and clothing accessories were up modestly despite a continuing trend among manufacturers to shift
production from China to other Asian countries and regions in search of lower production cost. The growth was fueled
by rising import unit value which has followed greater emphasis on the production of value-added products in China.
Chinas share of total Japanese trade drops, the first decline below 20% in four consecutive first half-year periods
the pace of increase in Japans trade with China was less than that of Japans overall trade, 7.8%. As a result, China
accounted for 19.3% of all Japanese trade, dipping 1.3 points from the same period last year. This is the first
decline below 20% in four consecutive first half-year periods since 2008. Japans share of exports to China
dropped to 18%, dipping two points and making it only 0.9% higher than the share of exports to the US. Japans share
of imports from China also declined to 20.5%, dipping one point from the previous year. China, however, remains
Japans largest trading partner in terms of import, export and total trade value.
3. Outlook for 2012:
Total trade to remain at modest growth, while trade deficit with China to be the largest ever
On the back of Chinas slowing economy, the Chinese government has been further easing its monetary policies such
as by decreasing the reserve-requirement ratio and interest rates. On the other hand, they seem to be cautious about
implementing large-scale economic stimulus measures and easing regulations of real estate investment based on
past experience of having an overheated economy emerge after implementation of an economic-stimulus package of
4 trillion Yuan. Any increase in demand due to future economic measures is therefore considered to be limited and it
is also believed that industrial production will only post a modest rise. As a result, these factors will probably force a
downturn in Japanese exports to China. Japanese imports from China are expected to increase continuously but
modestly led by communication devices. Considering the above, the trade value between China and Japan is
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expected to increase modestly in comparison to that of 2011, but unlikely to see large-scale growth. The trade deficit
is expected to grow reflecting the downturn in exports and modest rise in imports. There is a strong possibility that the
degree of Japans deficit will surpass the US$28.8 billion marked in 2005 and become the largest ever.
EXPORTS:
Considering that government-led investment demand in China seems to be limited, Japanese exports related to
infrastructure investment such as construction and mining machinery are expected to remain stagnant. Also, exports of
facility machinery, components and raw materials, which are used for production of finished goods in China, will
continue to decline or level off. Moreover, because industrial production in China is expected to grow at a sluggish pace,
local procurement is likely to further expand.
Meanwhile, exports of consumer products centering on cars and single-lens reflex digital cameras will continue to rise,
fueled by the expanding Chinese market.
At the same time, if the yens appreciation continues and third country/region exports to China and local Chinese
production increase, that may possibly put downward pressure on Japanese exports to the country.
IMPORTS:
Imports of communication devices will likely see continuous growth with increasing domestic demand for smart phones.
Food imports are expected to remain strong thanks to rising domestic demand for low price products and the recent
tendency among people to eat at home instead of going out due to the slumping economy.
Imports of rare earths and rare metals will see a decrease as their prices were already in decline from the same period
last year due to progress in developing alternative technology.
Reduced import prices induced by further appreciation of the yen may facilitate an even greater increase in imports from
China.
2.2Japan &Canada
1. Canadas
Merchandise Trade with Japan
Source: Trade Data Online. Industry Canada 9 September 2012
Reproduced with the permission of the Minister of Public Works and Government Services Canada
January December January June
2010 2011 2011 2012
Exports 9,060,425,525 10,531,018,348 5,013,452,972 5,165,907,459
Imports 13,446,993,809 13,055,666,810 5,918,318,765 7,727,185,338
Trade
Balance -4,386,568,284 -2,524,648,462 -904,865,793 -2,561,277,879
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2. AboutProduct import& export
Canadian Imports from Japan Canadian Exports to Japan
Merchandise Classification %
Merchandise
Classification %
1
Motor vehicles, trailers, bicycles,
motorcycles 38.51 Mineral fuels, oils 21.29
2
Boilers, mechanical appliances,
etc. 24.15
Oil seeds and misc. fruit,
grain, etc. 15.99
3
Electrical machinery and
equipment 11.65 Ores, slag and ash 12.21
4
Optical, medical, scientific,
technical instrumentation 5.40
Wood and wood articles,
charcoal 9.39
5 Rubber and rubber articles 3.71 Meat and edible meat offal 9.17
6 Iron or steel articles 2.79 Cereals 5.71
7 Aircraft and spacecraft 2.26
Wood pulp; paper or
paperboard scraps 3.62
8 Iron and steel 1.06 Fish, crustaceans, molluscs 2.35
9 Pharmaceutical products 1.03
Boilers, mechanical
appliances, etc. 1.90
10 Plastic and plastic articles 0.99 Nickel and nickel articles 1.74
- Top 10 as % of Total from Japan 91.57
Top 10 as % of Total To
Japan 83.36
-
Japanese Imports as % of Cdn
Total 2.91
Japanese Exports as % of
Cdn Total 2.55
Source: Trade Data Online. Industry Canada. 26 March 2012.
Reproduced with the permission of the Minister of Public Works and Government Services Canada
http://www.asiapacific.ca/statistics/trade/bilateral-trade-asia-product/canadas-merchandise-trade-japan
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2.3Japan& India
1. Japan Business in Indian Context
The Indian Navy and the Japanese Maritime Self Defense Force conducted their first ever bilateral naval exercise during a
visit of four Indian Navy ships to Japan from June 5 to 9 as part of the scheduled Overseas Fleet Deployment.
The exercise was conducted off the coast of Japan on 09-10 June, 2012.
The conduct of the bilateral naval exercises between both countries was decided during the visit of Defense Minister A.K.
Antony to Japan in November 2011.
Units of the Japanese Maritime Self Defense Force (JMSDF) participated and included assets such as two destroyers, one
maritime patrol aircraft, and a helicopter. Indian Naval units participating are INS Rana, INS Shivalik, INS Karmukh and INS
Shakti.
Indias four ships entered Tokyo on 05 Jun 12 after visiting Singapore, Vietnam, Philippines and Republic of Korea. The
three day stay in Tokyo coincides with commemoration of 60 years of diplomatic relations between India and Japan.
Topic: India-Japan Trade From 2004-2010
Japan-India Trade (Yen: billion)
YEAR 2004 2005 2006 2007 2008 2009 2010
TREDE EROM
INDIA TOJAPAN
283 352 472 491 544 348 A97
TREDE FROM
JAPAN TO INDIA
329 388 518 723 819 591 792
Direct Investment from Japan (Yen: billion)
YEAR 2004 2005 2006 2007 2008 2009 2010
DIRECT
INVESTMENT
FROM JAPAN 15.0 29.8 59.7 178.2 542.9 344.3 241.1
Number of Japanese nationals residing in India: 4,501 (as of October, 2010)
Number of Indian nationals residing in Japan: 22,497 (as of December, 2010)
The conduct of the bilateral naval exercises between both countries was decided during the visit of Defence Minister A.K.
Antony to Japan in November 2011.
Units of the Japanese Maritime Self Defense Force (JMSDF) participated and included assets such as two destroyers, one
maritime patrol aircraft, and a helicopter. Indian Naval units participating are INS Rana, INS Shivalik, INS Karmukh
and INS Shakti.
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Indias four ships entered Tokyo on 05 Jun 12 after visiting Singapore, Vietnam, Philippines and Republic o f Korea. The
three day stay in Tokyo coincides with commemoration of 60 years of diplomatic relations between India and Japan.
Both navies will also conduct routine passage exercises (PASSEX) during the visit of Japanese ships to Indian ports this
year.
The engagement between the navies of India and Japan is part of the overall Defense cooperation between both countries.
Defense exchanges between India and Japan presently comprise annual defense minister level meetings, defense policy
dialogue at defense secretary level and army and naval staff talks.
The four ships of the Eastern Fleet of the Indian Navy, under the command of Rear Admiral P Alit Kumar, Flag Officer
Commanding Eastern Fleet are on a sustained operational deployment to the South China Sea and North West Pacific. The
two month long deployment which commenced in end May 2012 enables Navy-to-Navy cooperation with the numerous
navies across the region as well as demonstrates the Indian Navy`s operational reach. After the exercise, the ships visited
Beijing and Port Kelang, Malaysia in mid-Jun 12.
During the deployment the ships participate in passage exercises with the respective Navies of countries visited. The focus
of `Passage Exercises` is primarily in the sphere of Maritime Security Cooperation. These include Humanitarian Aid &
Disaster Relief (HADR) operations and Visit, Board, Search and Seizure (VBSS) drills, which form a part of Anti-Piracy
operations. Exercises of these nature enhance inter-operability thereby enabling the two navies to smoothly function
together in the sphere of maritime security / HADR operations, should the need arise.
In addition, during the port visits, the Fleet Commander along with the Commanding Officers of the ships, meet high-ranking
officials of the Navy, state administration, port management, coastal security organization, police, and other stakeholders of
maritime security in the countries visited in order to share professional experiences and exchange best practices in areas of
mutual interest.
Vice Admiral Anil Chopra, Flag Officer Commanding-in-Chief Eastern Naval Command is also visiting Tokyo to witness the
first JIMEX.
The government has been deploying ships of the Indian Navy on Eastbound long range deployments in keeping with India`s
`Look East` policy, to strengthen military ties with the countries of this strategically important region.
2.4Japan & U.S
U.S.-Japan Economic Harmonization Initiative
Launched in November 2010, the U.S.-Japan Economic Harmonization Initiative (EHI) is a new bilateral Initiative that aims to
contribute to our countries economic growth by promoting cooperation to harmonize approaches that facilitate trade,
address business climate and individual issues, and advance coordination on regional issues of common interest.
Clickherefor further information on business climate and individual issues, as well as cooperative issues, which the U.S.
Government has highlighted for engagement with Japan under this Initiative.
U.S.-Japan Trade Facts
U.S. goods and services trade with Japan totalled $267 billion in 2011 (latest data available for goods and services trade
combined). Exports totalled $113 billion; Imports totalled $154 billion. The U.S. goods and services trade deficit with Japan
was $40 billion in 2011.
http://www.ustr.gov/webfm_send/2578http://www.ustr.gov/webfm_send/2578http://www.ustr.gov/webfm_send/2578http://www.ustr.gov/webfm_send/25787/29/2019 gcsr33
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Japan is currently our 4th largest goods trading partner with $195 billion in total (two ways) goods trade during 2011. Goods
exports totalled $66 billion; Goods imports totalled $129 billion. The U.S. goods trade deficit with Japan was $63 billion in
2011.
Trade in services with Japan (exports and imports) totalled $72 billion in 2011 (latest data available for services trade).
Services exports were $47 billion; Services imports were $25 billion. The U.S. services trade surplus with Japan was $22
billion in 2011.
Exports
Japan was the United States' 4th largest goods export market in 2011.
U.S. goods exports to Japan in 2011 were $66.2 billion, up 9.4% ($5.7 billion) from 2010, and up 1.4% from 2000. U.S.
exports to Japan accounted for 4.5% of overall U.S. exports in 2011.
The top export categories (2-digit HS) in 2011 were: Optic and Medical Instruments ($7.7 billion), Machinery ($5.7 billion),
Cereals (corn and wheat) ($5.6 billion), Electrical Machinery ($5.0 billion), and Aircraft ($4.8 billion).
U.S. exports of agricultural products to Japan totalled $14.1 billion in 2011, our 4th largest export market. Leading categories
include: coarse grains ($3.9 billion), red meats (fresh/chilled/frozen) ($2.8 billion), wheat ($1.4 billion), and soybeans ($954
million).
U.S. exports of private commercial services* (i.e., excluding military and government) to Japan were $47.0 billion in 2011
(preliminary data), 5% ($2.3 billion) more than 2010 and 43% greater than 2000 levels. Other private services (business,
professional and technical services and financial services), travel, and the royalties and license fees categories accounted
for most of U.S. services exports to Japan.
Imports
Japan was the United States= 4th largest supplier of goods imports in 2011.
U.S. goods imports from Japan totalled $128.8 billion in 2011, a 6.9% increase ($8.3 billion) from 2010, but down 12.1%
from 2000. U.S. imports from Japan accounted for 5.8% of overall U.S. imports in 2011
The five largest import categories in 2011 were: Vehicles ($41.0 billion), Machinery ($31.2 billion), Electrical Machinery
($18.3 billion), Optic and Medical Instruments ($6.9 billion), and Organic Chemicals ($3.0 billion).
U.S. imports of agricultural products from Japan totalled $586 million in 2011. Leading categories include: snack foods
(including chocolate) ($54 million), wine and beer ($53 million), and processed fruit and vegetables ($36 million).
U.S. imports of private commercial services* (i.e., excluding military and government) were $24.8 billion in 2011 (preliminary
data) up 5% ($1.3 billion) from 2010, and up 51% from the 2000 level. The royalties and license fees, the other private
services (business, professional, and technical services), and the other transportation (freight services) categories
accounted for most of U.S. services imports from Japan.
Trade Balance
The U.S. goods trade deficit with Japan was $62.6 billion in 2011, a 4.3% increase ($2.6 billion) over 2010. The U.S. goods
trade deficit with Japan accounted for 8.6% of the overall U.S. goods trade deficit in 2011.
The United States has a services trade surplus of $22.2 billion with Japan in 2011 (preliminary data), up
5% from 2010.
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Historical Trade Data
U.S. Goods Trade with Japan (in billions of dollars) 1980, 1985, 1990, 1994, 2000,
2008-2011
year 1098 1985 1990 1994 2000 2008 2009 2010 2011
Balance -10.1 -46.2 -41.1 -65.7 -81.6 -74.1 -44.7 -60.1 -62.6
Exports 20.8 22.6 48.6 53.5 64.9 65.1 51.1 60.5 66.2
Imports 30.9 68.8 89.7 119.2 146.5 139.3 95.8 120.5 128.8
U.S. Services Trade with Japan (in billions of dollars) 1990, 1994, and 2000, 2005-2011
Investment
U.S. foreign direct investment (FDI) in Japan (stock) was $113.3 billion in 2010 (latest data available), a 18.0% increase from
2009.
U.S. direct investment in Japan is mostly in the finance/insurance, manufacturing, nonbank holding companies, and
wholesale sectors.
Japan FDI in the United States (stock) was $257.3 billion in 2010 (latest data available), up 7.5% from 2009.
Japan direct investment in the U.S. is mostly in the wholesale trade and manufacturing sectors.
Sales of services in Japan by majority U.S.-owned affiliates were $65.6 billion in 2009 (latest data available), while sales of
services in the United States by majority Japan-owned firms were $87.1 billion.
Year 1990 1994 2000 2005 2006 2007 2008 2009 2010 2011
Balance 10.6 16.0 16.4 20.0 16.5 15.4 17.1 19.1 21.2 22.2
Exports 21.2 28.8 32.8 40.5 39.9 39.4 41.5 40.0 44.8 47.0
Imports 10.5 12.7 16.4 20.5 23.4 23.9 24.5 21.0 23.5 24.8
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CHAPTER-3
Business overview of Japan
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3.1Trade policy of Japan
Export policy of Japan:
For many years, export promotion was a large issue in Japanese government policy. Government officials recognized
that Japan needed to import to grow and develop, and it needed to generate exports to pay for those imports. After 1945,
Japan had difficulty exporting enough to pay for its imports until the mid-1960s, and resulting deficits were the justification for
export promotion programs and import restrictions.
The belief in the need to promote exports is early strong and part of Japan's self-image as a "processing nation." A
processing nation must import raw materials but is able to pay for the imports by adding value to them and exporting some of
the output. Nations grow stronger economically by moving up the industrial ladder to produce products with greater value
added to the basic inputs. Rather than letting markets accomplish this movement on their own, the Japanese government
felt the economy should be guided in this direction through industrial policy.
Japan's methods of promoting exports have taken two paths. The first was to develop world-class industries that can initially
substitute for imports and then compete in international markets. The second was to provide incentives for firms to export.
During the first two decades afterWorld War II, export incentives took the form of a combination of tax relief and governmentassistance to build export industries. After joining the International Monetary Fund (IMF) in 1964, however, Japan had to
drop its major export incentive the total exemption of export income from taxes to comply with IMF procedures. It did
maintain into the 1970s, however, special tax treatment of costs for market development and export promotion.
Once chronic trade deficits came to an end in the mid-1960s, the need for export promotion policies diminished. Virtually all
export tax incentives were eliminated over the course of the 1970s. Even JETRO, whose initial function is to assist smaller
firms with overseas marketing, saw its role shift toward import promotion and other activities? In the 1980s, Japan continued
to use industrial policy to promote the growth of new, more sophisticated industries, but direct export promotion measures
were no longer part of the policy package.
The 1970s and 1980s saw the emergence of policies to restrain exports in certain industries. The great success of some
Japanese export industries created a backlash in other countries, either because of their success per se or because of
allegations of unfair competitive practices. UnderGeneral Agreement on Tariffs and Trade (GATT) guidelines, nations have
been reluctant to raise tariffs or impose import quotas. Quotas violate the guidelines, and raising tariffs goes against the
general trend among industrial nations. Instead, they have resorted to convincing the exporting country to "voluntarily"
restrain exports of the offending product. In the 1980s, Japan was quite willing to carry out such export restraints. Among
Japan's exports to the United States, steel, color television sets, and automobiles all were subject to such restraints at
various times.
Import policy of Japan
Postwar era
Japan began the postwar period with heavy import barriers. Virtually all products were subject to government quotas, many
faced high tariffs, and MITI had authority over the allocation of the foreign exchange that companies needed to pay for any
import. These policies were justified at the time by the weakened position ofJapanese industry and the country's chronic
trade deficits.
The main impetus for change throughout has been international obligation that is, response to foreign, rather than domestic,
and pressure. The result has been a lengthy, reluctant process of reducing barriers, which has frustrated many of Japan's
trading partners.
Japan has been a participant in the major rounds of tariff cutting negotiations under the GATT framework the Kennedy
Round completed in 1967, the Tokyo Round completed in 1979, and the Uruguay completed in 1993. As a result of theseagreements, tariffs in Japan fell to a low level on average. Upon complete implementation of the Tokyo Round agreement,
Japan had the lowest average tariff level among industrial countries2.5 percent, compared with 4.2 percent for the United
States and 4.6 percent for the European Union (known as the European Community before November 1993).
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1980s
Japan's quotas also dropped. From 490 items under quota in 1962, Japan had only twenty-seven items under quota in the
mid-1980s, and that number dropped again late in the decade to twenty-two with further agreements scheduled to come into
effect in the early 1990s, which would reduce the number again. But those products still under quota proved to be highly
visible and were the object of complaints by exporting countries. The reduction of controlled items in the late 1980s resulted
from Japan's loss of a GATT case brought by the United States concerning import restrictions on twelve agricultural
products. In addition, heavy pressure from the United States led to an agreement that Japan would end import quotas
on beefand citrus fruit in 1991.
1990s to 2010
The collapse of the Japanese asset price bubble in the early 1990s and the following Lost Decade helped matters. Discount
markets opened the distribution chains, and several companies turned to foreign trade and investment to avoid losses and
even bankruptcy. Products of Japanese companies that were manufactured in South-Asian countries were reimported at
lower prices. The Japanese consumer also changed: Economic problems forced many Japanese to look for cheap prices
first and care about national pride or superior quality later.
3.2Documentation for international trade:
Key documents:-
A pro forma invoice: - is an invoice, like letter of intent, from the exporter to the importer that outlines the selling terms,
price, and delivery if goods are actually shipped .if the importer likes the terms and condition ,it will send a purchase order
and arrange for payment. At that point, the exporter can issue a commercial invoice.
A commercial invoice:-is a bill for goods from buyer to seller .it contains a description f the goods ,the address of buyers
and sellers ,the delivery and payment terms .many government use this forms to assess duties .
A bill of lading: is a receipt for goods delivered to the common carrier transformation , a contract for the service rendered
by the carrier ,and a document of title .
A consular invoice: is something required by countries as a mean of monitoring import .governments can use a consular
invoice to monitor a price of import and a generate revenue for the embassies that issue the consular invoice
A certificate of origin: - it indicates where the product originated and is usually validated by an external source, such as the
chamber of commerce. It helps Countries determine the specific tariff schedule of imports.
A shippers export declaration:-is used by the exporters government to monitor exports and compile trade statistics.
An export packing list:-itemize the material in each individual package, indicate the type of package, and is attached to the
outside of the package. The shipper or freight forwarder, and sometimes customs officials, use the packaging list to
determine the nature of the cargo and whether the correct cargo is being shipped.
3.3 .INTRODUCTION OF JAPAN BUSINESS
Business climate
Japanese economy slowed dramatically in the early 1990s, when the "bubble economy" collapsed, marked by plummeting
stock and real estate prices. Japan eventually recovered from its worst period of economic stagnation since World War II.
Real GDP in Japan grew at an average of roughly 1% yearly in the 1990s, compared to growth in the 1980s of about 4% per
year. After sustaining several consecutive years of growth in the early 2000s, the Japanese economy began to slow in line
with global economic conditions, and the country fell into its first recession in roughly 6 years in 2008. As worldwide demand
for its goods tumbled, the Bank of Japan reported real GDP growth of -5.5% in FY 2009. Japan recovered slightly in 2010
and reported real GDP growth of 4.4%.
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Economy
The Japanese economy is one of the third largest in the world. Only the USA and China have a higher GNP. The Japanese
currency is the Yen.
Exports: Japan's main export goods are cars, electronic devices and computers. Most important trade partners are China
and the USA, followed by South Korea, Taiwan, Hong Kong, Singapore, Thailand and Germany.
Imports: Japan has a surplus in its export/import balance. The most important import goods are raw materials such as oil,
foodstuffs and wood. Major supplier is China, followed by the USA, Australia, Saudia Arabia, South Korea, Indonesia and the
United Arab Emirates.
Industries: Manufacturing, construction, distribution, real estate, services, and communication are Japan's major industries
today. Agriculture makes up only about two percent of the GNP. Most important agricultural product is rice. Resources of raw
materials are very limited and the mining industry rather small.
Economic climate
Japan is currently experiencing an unprecedented period of political and economic turmoil. The Global Economic Downturn
has exposed Japans continuing heavy reliance on export led growth. Net exports and corporate capital expenditure are
sharply down. Domestic consumption is less affected; however, buoyed also by government stimulus packages, as
elsewhere.
The current upheaval, which has mostly been driven by external factors, is now starting to have far-reaching effects on
certain sectors of the manufacturing economy and society in general. Most affected are the blue-collar and technical
workers, as is common around the globe. This is likely to have a significant impact in terms of changes in social values,
behavior and consumption patterns.
The Japanese Government has spent several hundred trillion yen on economic stimulus packages in an effort to spur a
recovery. However, the success of these packages is still in doubt as stagnation continues and Japans banks continue to
hold large non-performing loans.
Changes that are evidence of the new economy emerging in Japanese business practices include:
High interest in IT-based solutions
Demand for innovative cost effective business solutions which can include imported product and services
Breakdown of traditional interlinked (keiretsu) business relationships
Introduction of business-to-business (B2B) and business-to-consumer (B2C) e-commerce ventures
Speeding up of the business decision making processes
Introduction of Western management practices
Japan faces a number of challenges going forward, some economic and some structural. Many of these longer term drivers
for change also favor Australia. Japans ongoing reliance on imported minerals and energy, and growing concerns over food
safety and food security (with food self-sufficiency hovering at around 40 per cent) are priorities for them.
In addition, Japans silver generation faces challenges to preserve and grow their substantial wealth of US$14 trillion in
household savings. As the population ages, Japan is tipped to be the worlds leading test bed for the silver market.
Continuing emphasis on increasing productivity among the declining workforce, the need to more fully utilize women,
increased reliance on technology for competitive edge and growth in outsourced services are key social and corporate
themes.
Corporations are still relatively cashed up from rich profits in recent years, despite the alarming change in their current
circumstances. The macroeconomic situation for Japan may certainly get worse before it gets better. At the heart of this,
Japans large corporates are looking to invest their way out of the crisis. They continue to target M & A and Greenfields
investment opportunities worldwide, benefiting from low asset prices and a strong yen.
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Japanese investors are there for the long-haul. They are looking for environmental technology, agribusiness, infrastructure
and renewable energy opportunities in Australia alongside more traditional resource investments. Increasingly Japanese
investments in Australia are targeted at the Australian domestic market itself, or aimed at using Australia as a springboard
into Asia. The prolonged economic slow-down is causing fundamental changes in Japanese business practice, which will
ultimately have a positive impact on demand for Australian goods and services.
3.4. FOREIGN RELATION OF JAPAN
Japan is the world's third-largest economy and a major economic power both in Asia and globally. Japan has diplomatic
relations with nearly all independent nations and has been an active member of the United Nations since 1956. Japanese
foreign policy has aimed to promote peace and prosperity for the Japanese people by working closely with the West and
supporting the United Nations.
In recent years, the Japanese public has shown a substantially greater awareness of security issues and increasing support
for the Self Defense Forces. This is in part due to the Self Defense Forces' success in disaster relief, including the 2004
Indian Ocean tsunami; its participation in peacekeeping operations in Cambodia in the early 1990s and
reconstruction/stabilization efforts in Iraq in 2003-2008; and its response to Japans 2011 Tohoku disaster.
While maintaining its relationship with the United States, Japan has diversified and expanded its ties with other nations.
Good relations with its neighbors continue to be of vital interest. After the signing of a peace and friendship treaty with China
in 1978, ties between the two countries developed rapidly. Japan extended significant economic assistance to the Chinese in
various modernization projects and supported Chinese membership in the World Trade Organization (WTO). Chinese
President Hu Jintao's May 2008 visit to Tokyo, and subsequent high-level exchanges, have helped improve relations with
China. In recent years, however, Chinese exploitation of gas fields in the East China Sea has raised Japanese concerns
given disagreement over the demarcation of their maritime boundaries. A long-running boundary dispute among Japan,
China, and Taiwan over the Senkaku (Diaoyu Tai) Islands also continues. After a Chinese trawler collided with a Japanese
ship in September 2010, Japan detained the Chinese skipper for more than 2 weeks, causing a strain in Japan-Chinarelations. Japan maintains economic and cultural but not diplomatic relations with Taiwan; they have a thriving bilateral trade
relationship.
In recent years, Japan and the Republic of Korea have stepped up high-level diplomatic activity and coordination, resulting in
an improved tone in their relationship. However, historical differences, including territorial disputes involving the Liancourt
Rocks and Japans role in Korea during World War II, complicate Japan's political relations with South Korea despite
growing economic and cultural ties.
Japan's relations with Russia are hampered by the two sides' inability to resolve their territorial dispute over the islands that
make up the Northern Territories (Southern Kuriles) seized by the U.S.S.R. at the end of World War II. The stalemate overterritorial issues has prevented conclusion of a peace treaty formally ending the war between Japan and Russia. The United
States recognizes Japanese sovereignty over the islands. During his initial meeting with Russian President Dmitriy
Medvedev in September 2009, DPJ Prime Minister Hatoyama said he wanted to resolve the issue and sign a peace treaty,
but it has not come to fruition. This remains the position of the DPJ government. Despite the lack of progress in resolving the
Northern Territories and other disputes, Japan and Russia continue to develop other aspects of the overall relationship,
including two large, multi-billion dollar oil-natural gas consortium projects on Sakhalin Island.
Japan has pursued a more active foreign policy in recent years, recognizing the responsibility that accompanies its economic
strength, and has expanded ties with the Middle East, which provides most of its oil. In 2006, Japan's Ground Self Defense
Force completed a successful 2-year mission in Iraq. The Air Self-Defense Force's (ASDF) airlift support mission in Iraqformally ended in December 2008. In January 2010, the Diet also ended the Anti-Terrorism Special Measures Law that
allowed for Japan's Maritime Self Defense Force refueling activities in support of Operation Enduring Freedom in the Indian
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Ocean. Since 2009, Japan has been an active partner in international counter-piracy efforts off the Horn of Africa.
Japan increasingly is active in Africa and Latin America--concluding negotiations with Mexico, Chile, and Peru on Economic
Partnership Agreements (EPAs)--and has extended significant support to development projects in both regions. Japan's
economic engagement with its neighbors is increasing, as evidenced by the conclusion of EPAs with Singapore, the
Philippines, Thailand, Malaysia, Indonesia, Brunei, Vietnam, and India.
3.5. Tax incentives
Income Tax
Income tax is paid annually on income earned during a calendar year.For tax purposes, people living in Japan are classified
into three categories. This categorization is not related to visa types:
Non-Resident
A person who has lived in Japan for less than one year and does not have his primary base of living in Japan Non-residents
pay taxes only on income from sources in Japan, but not on income from abroad.
Non-Permanent Resident
A person who has lived in Japan for less than five years, but has no intention of living in Japan permanently Non-permanent
residents pay taxes on all income except on income from abroad that does not get sent to Japan.
Permanent Resident
A person who has either lived in Japan for at least five years or has the intention of staying in Japan permanently Permanent
residents pay taxes on all income from Japan and abroad.
Note that tax treaties between Japan and more than 50 countries, including the USA, UK, Canada, Australia, China, South
Korea and most European countries, can take precedence over the above guidelines.
How to pay taxes?
Income tax in Japan is based on a self-assessment system (a person determines the tax amount himself or herself by filing a
tax return) in combination with a withholding tax system (taxes are subtracted from salaries and wages and submitted by the
employer).
Thanks to the withholding tax system, most employees in Japan do not need to file a tax return. In fact, employees only need
to file a tax return if at least one of the following conditions is true:
if they leave Japan before the end of the tax year
if their employer does not withhold taxes (e.g. employer outside Japan)
if they have more than one employer
if their annual income is more than 20,000,000 yen
if they have side income of more than 200,000 yen
Employees, who do not need to file a tax return, will have their national income taxes withheld from their salaries by their
employer, and an eventual adjustment is made with the year's final salary. Prefectural and municipal payments have to be
paid separately by the employee upon notification by the municipality.
People, who are required to file a tax return, such as self-employed persons, must do so at the local tax office (zeimusho)
between February 16 and March 15 of the following year. The tax return for 2011 had to be filed between February 16 and
March 15, 2012.
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Tax Rates
The tax rate is determined based on the taxable income. Like in other countries, taxable income is the total earnings minus a
basic exemption, exemptions for dependents and various types of deductions, such as deductions for insurance premiums,
medical expenses and business expenses of the self-employed.
National Income Tax Rates
Taxable Income Tax Rate
less than 1.95 million yen 5% of taxable income
1.95 to 3.3 million yen 10% of taxable income exceeding 1.95 million yen plus 97,500 yen
3.3 to 6.95 million yen 20% of taxable income exceeding 3.3 million yen plus 232,500 yen
6.95 to 9 million yen 23% of taxable income exceeding 6.95 million yen plus 962,500 yen
9 to 18 million yen 33% of taxable income exceeding 9 million yen plus 1,434,000 yen
more than 18 million yen 40% of taxable income exceeding 18 million yen plus 4,404,000 yen
Prefectural Income Tax Rates
Taxable Income Tax Rate
All 4% of taxable income
Municipal Income Tax Rates
Taxable Income Tax Rate
All 6% of taxable income
Prefectural Income Tax Rates
Taxable Income Tax Rate
All 4% of taxable income
Municipal Income Tax Rates
Taxable Income Tax Rate
All 6% of taxable income
Prefectural Enterprise Tax Rates
(in case of self-employed persons)
Taxable Income Tax Rate
All 3% to 5% depending on the type of business
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4. http://www.mofa.go.jp/policy/other/bluebook/2000/I-c.html
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