Japanese Phoenix
by Globalization’s effect on the Japanese economy and its rise from the Asian Financial Crisis of the late 90s. It speaks of some of its most lucrative agencies and how it as a country is striving for a better world.
Japan is known for many things including its beautiful sites, unique business practices, and strong traditions. Over the centuries Japan has been involved in many wars, upheavals and has suffered through many changes that were forced on the people of this wonderful country. Each time Japan shrunk from world view it reemerged stronger, bigger, better demonstrating that Japanese people are strong individuals who know what it means to work hard and be rewarded. Japan as a country also has had its strength tested both in ancient and modern times. The ancient wars were usually amongst emperors looking to acquire more territory, while the later more modern tribulations were either unclear or bids for economic growth.
Japanese hardships in the late 20th century were the results of fiscal insecurities, and failed economical plans for long term wealth. World War II, left Japan bare and struggling to rebuild its torn country. During the immediate post war years, Japan was occupied by the Allied forces. In the Article “Occupation of Japan” (2008) it is stated that the Allied powers changed Japanese society beginning with its military disarmament and revisions to its constitution. There was also, an industrial disarmament, reducing it to the pre-industrialized times of the 1930’s, and many other reforms that impacted Japanese society. (para. 3-4) Due to its enforced isolation and inability to effectively compete in global markets Japan had no other option but to turn inward and focus on rebuilding its war torn nation and finding funding for those who were forever changed by the radiation and grief of lost family members and property.
After many years of rebuilding and reformation Japan in the 1980’s emerged anew as a giant in many areas, like technology when Sony released the first CD player in 1982. Although Japanese technology was a major part of Japanese economy, the Japanese were more concerned with real estate. The idea was to use the many new building projects and buildings as a way to permanently rebuild the Japanese economy (Bagli, 1998). This new found glory was short lived, by the end of the 80’s Japan real estate bubble burst leaving Japan vulnerable and sinking into stagnation. Then in the summer of 1997 Japan was hit by the Asian Financial Crisis. Many countries in East Asia were dealt devastating blows but were able to bounce back within a few years. By the year 2000, more than half of the countries affected were almost economically equivalent to the years before the 1997 Asian Financial Crisis (“Asian financial crisis”, 2008. para. 6).
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