1. The collapse of the bubble economy in 1990: The biggest challenge was the global rate cut of the United States (from 1982), the ultra low interest rate for the first time by the BOJ's discount rate cut (until 1987), etc. Funds flowed into real estate and bubbles occurred. The Bubble collapses with the Bank of Japan raising the discount rate and the government's real estate investment regulation.
2. The collapse of the IT bubble in 2000: The first opportunity was the first US Internet company boom and the BOJ's first zero interest rate. The intermittent rate hike of the Fed decelerates the economy and the bubble burst.
3. Collapse of stock price in 2007 (subprime crisis): The chance was the buying of Japanese stocks by foreign investors in European and American housing bubbles and Japanese structural reform expectations. A worldwide credit crunch arises with the subprime problem becoming apparent and the stock price collapses. Late stock price declines due to the recession after that.
4. Japanese households possess 5% of Japanese government bonds outstanding as individual government bonds. Japanese households indirectly hold 80% of JGB issuance outstanding through financial institutions and insurance companies.
5. Wage decline is a phenomenon not seen in other developed countries. Nominal employer compensation in Japan peaked in 1997. Nominal wages in Japan declined by 10% in the period from 95 to 2010, while in the US the 70% increase and in the euro area by 40%.
6. While the household's balance is decreasing year after year, the balance of income has declined due to capital investment until around 1990, the deficit contracted after 1990, and after 1997 It is in surplus. The government balance is profitable only during the bubble economy, and the deficit has expanded since 1997.
7. A theory that prices move about 1 year behind fluctuations in exchange rates. When the yen appreciates, deflation will result due to a decline in wages of exporters and falling prices of imported goods to maintain competitiveness.
8. There is no growth expectation is the problem of the Japanese economy. Expectation of consumption, expectation of investment, expectation of income, expectation of export.
9. The proportion of imported goods in Japan's total consumer goods is 20%
10. In the future of the Japanese economy, we should promote expansion of demand by setting targets for health care, education, training, learning and housing as domestic demand, without relying on government demand and external demand. We should consider utilizing the assets owned by elderly people.
11. Japan's national budget (11th fiscal year): ① Revenue tax revenue: 40 trillion yen JGBs: 44 trillion yen Outside tax income: 7 trillion yen, ② expenditure policy expenses: 54 trillion yen (including social security expenses: 25 trillion yen) Distribution tax 17 trillion yen JGB costs 20 trillion yen
12. General accounts expenditure keeps increasing every year. Tax revenue is a trend of consistently declining trend while moving up and down with peak of 91 years.
13. Core competitiveness: Japan's manufacturing industry in the high-growth period has increased its global share with its core competitiveness as low-cost and high-quality (no defective, nonfaulty) production technology.
14. Tax return declaration of domestic corporation: The proportion of corporate tax returns declared as 50% in 1990, 30% in 1997, 25% in fiscal 2010.
15. Public public land price: Publicly released by March, Ministry of Land, Infrastructure and Transport, (2) Baseline land price: Publicly released in September of prefecture, (3) Route price: Published by July in the National Tax Agency
16. The annual average salary of salary earners in Japan peaked in 1997 and then declined.
17. Household heads of two or more unemployed households who are 60 years of age or older have income of 220,000 yen a month, disposable income of 190,000 yen a month, consumption expenditure is 250,000 yen a month, month We are withdrawing 60,000 yen from assets.
18. In 2010, the population over the age of 65 is 29 million, accounting for 25% of the total population. In 2020, it will increase to 30%.
19. Domestic and overseas price differences between Japan and the US: In 1995, Japan's consumer price was 2.1 times that of the US, but it declined to 1.4 times in 10 years.
20. About 50% of the Japanese listed companies are real debt-free companies (interest-bearing debts
21. GDP per capita has been getting closer to the level of the United States until 1992, but it has been separated since 1992.
22. Overseas production ratio of Japanese manufacturing industry: 25% in 2001, 35% in 11 years
23. Pharmaceuticals: Since 2000, exports have remained flat, but imports soared. In 2011, the trade balance of medicines accounted for half of Japan's trade deficit, making it a hidden leading actor in the trade deficit.
24. Looking at the real execution exchange rate, the yen's depreciation continues drastically in recent years.
25. Balance by section (80 - 10 years): Although households are in the black, the surplus width is gradually decreasing with peaks in 1992. Companies have been in the red through 1991 (bottomed in 1991), then reduced in deficit, turned back to profit in 1997 and maintained a surplus thereafter. The government has been in deficit all the time except for 88 to 92 years. The deficit has expanded since 1992.
26. Between 1985 and 2010, the surplus in the trade surplus is decreasing year by year, while the income balance increases year by year.
27. The hourly wages of salaried workers who divided total salaries by working hours decreased significantly from 2,500 yen in the latter half of the 1990s, to 2400 yen.
28. Wage curve: In terms of regular salaries, wages will rise until around the age of 50, but then they will decline. Compared to the wage curve 20 years ago, the degree of increase until the late 40s is smaller.
29. Looking at the composition ratio of GDP by industry (nominal), Japan ranks from 70% to 09, primary industry from 5% to 1%, secondary industry from 42% 25%, tertiary industry changed from 50% to 75%, all changed with almost consistent trend.
30. Vulnerable shopper: Elderly, disabled, mothers during child rearing. There are 6 million shoppers nationwide weak.
31. Look at the market value of housing (land price + building) by the ratio of nominal GDP.
32. Consumer price index: The International Labor Organization regulates the items, and each country government creates indicators based on it.
33. Annual food expenditure per household: Declining trend with peak at 97 years.
34. domestic new car sales: 90 years peak, then 96 years second peak, then constant level. It declined from 2006.
35. Domestic banks have been increasing in deposits for the past twenty years, loans decreased in 1999, and instead government bonds increased since 1999.
36. Trends in the economy surrounding Japan: ① Globalization Determining the optimal production location and selling place on a global scale, activation of import and export, Englishization, ② Information conversion outside the enterprise within the IT industry , From hard-oriented to soft · content oriented, global standardization / Englishization of business, IT innovation, ③ supply change technological innovation, cost increase, productivity improvement, ④ demand change domestic demand change, overseas demand change, ⑤ structural change economy Structural changes, changes in population income structure, changes in corporate strategy / inter-company relations
37. Japanese automobile industry: Shipment value accounts for 20% of total manufacturing industry in Japan. Significant rise in this 30 years. The base is wide, and the demand increase (ripple effect) to the Japanese economy due to the increase in demand for automobiles is tripled. The correlation between automobile production and real GDP is about 0.8, the correlation is higher than in the past, the dependence on the automobile in the Japanese economy is intensifying.
38. Problems in the Japanese economy: (1) companies with low productivity do not leave the market, (2) productivity of nonmanufacturing industry and small and medium enterprises remains low for manufacturing enterprises (3) that it can not follow the trends of the world (internationalization, IT, technological innovation, economic structural change), (4) the aging of existing companies progresses, there is no metabolism due to the growth of young companies.
39. The important thing is not to increase exports but to increase exports and imports, to make the economy more efficient and to enrich the lives of the people.
40. The only solution to improve Japan 's fiscal situation is growth. Since it is geographically close to growing countries in Asia such as China, we intend to increase exports by importing products and services to Asia, increase imports of parts, etc. and activate trade.
41. The operating profit margin of Japanese companies has declined year by year in the past 50 years. Strong growth orientation continues to inject large amounts of management resources into inefficient business against the law of diminishing returns.
42. Household's financial assets balance is 1500 trillion yen. Household surplus amount is 10 trillion yen. Corporate surplus amount is 30 trillion yen. Government fund shortage is 40 trillion yen.
43. Number of employees in Japan: 20% in wholesale and retail, 9% in accommodation and dining, 7% in construction, 16% in manufacturing, 4% in lifestyle entertainment, 10%
44. The proportion of exports to Japan's nominal GDP is 9% (95 years), 15% (2010). The overseas production ratio of manufacturing industry is 8% (95 years), 18% (2010).
45. Percentage of manufacturing industry in Japan's nominal GDP: 17.6%
46. Number of employed persons by occupation (1953 - 2010): Manufacturing industry · Construction industry: peaked in 1995, then suddenly declined, clerical worker: peaked in 1998, then flat, : Peaked in 1993, then declined, professional technical and service jobs: constantly rising
47. Finance in Japan: Although the total expenditure is growing year by year, general tax revenues have declined year after year in 1990.
48. Recruitment of employment in Japan: agriculture, forestry and fishery → manufacturing industry / construction industry → wholesale and retailing · food service · service industry → medical and welfare services
49. The number of workers in agriculture and forestry fishery has declined consistently after the war. The number of employees in the manufacturing industry shifted to textile and light industry, steel / electric machinery, automobile / electronics, peaked in 1992, and then decreased by 30%. The number of workers in the construction industry peaked in 1997, and it declined with the reduction of public works projects. The number of wholesale and retailing · food service employment peaked at the peak after 1997.
50. In Japan, "real debtless companies" with more cash on hand than interest-bearing liabilities account for half of the listed companies. Investment yield on hand cash is less than 1%, and funds are not used effectively.
51. Japan's nominal GDP per employee in FY09 is 3.72 million yen.
52. In the past 50 years, the composition ratio of general accounts expenditure in Japan has increased government bond and social security expenses, public works expenses and educational expenses declined.
53. GDP ratio of general government debt rose in the last 20 years, currently over 200%, prominently higher than other countries.
54. Source of GDP growth rate per capita: Since the 1980s Japan: Improvement in labor productivity is a positive factor, and change in labor participation rate is a negative factor. Korea: Improvement in labor productivity and change in labor participation rate are a positive factor. China: Employment conversion from agriculture, improvement of labor productivity, labor participation rate plus factor
55. Corporate balance sheet adjustment (excessive elimination of facilities, liabilities, employment) lasts an average of 8 years and pushes down the growth rate.
56. In the manufacturing industry, overseas sales ratio increased from 30% to 50% in 10 years.
57. In service industries such as retailing, an increase in business hours resulted in an increase in irregular employment, total working hours increased, and labor productivity declined.
58. Looking at the line price, the price of the regional area moves late from the Tokyo area.
59. Economic activity index: In the case of declines, the leading index precedes the coincidence index. In the case of inversion, the leading exponent and the coincident exponent rise almost at the same time
60. In Japan, the surplus in the income balance has been growing from the trade surplus in the past 10 years.
61. Labor productivity Japan is 70% in the United States, especially nonmanufacturing industry is bad.
62. Percentage of GDP. Private consumption 55%, capital investment 15%, exports 15%
63. Capital investment circulation every few years.
64. The objectives of capital investment are the order of capacity upgrade, product advancement, labor saving, research and development, maintenance and repair.
65. Japan's service industry has 70% of GDP,
66. Reduce working hours, increase added value, expand overseas
67. Japanese public investment is the highest in developed countries at 5% of GDP.
68. If the yen is high, foreign-funded enterprises can earn high profits (denominated in Japan) in Japan.
69. The percentage of corporations that declared a profit in fiscal 2009 was around 25%, in the 2000s it was around 30%.
70. Number of factories newly located in Japan: peaked in 1989, sharp drop in 90 - 94 years, flat in 95 - 03. After that, we set a small peak in 2006.
71. Decline of the semiconductor industry: throughout the competition in the country. I will overlook emerging forces. Many domestic companies compete for less pie (domestic market).
72. Consumption of single persons in their 20s: In the past 30 years, food expenses and clothing costs in expenditures declined, while housing expenses increased sharply. In 2009, men accounted for 20% Women came to occupy 30%. The number of company houses, public housing, apartments has decreased, and high security condominiums have increased.
73. Of the ordinary revenues of Japanese companies, 1 to 20% are profits from foreign direct investment.
74. Japanese GNI (Gross National Income) is 4% larger than GDP. Foreign direct investment in Japan is large but inward direct investment is small, so the gap between GNI and GDP is the largest in the world.
75. Local regeneration: from retailing (commercial facility) to service industry (health promotion facility, elderly dwelling)
76. Substantial debt = cash on hand at hand (cash and short-term securities) - Interest-bearing debt. In Japan, 47% of listed companies have real debt
77. Company: Creating 46 trillion yen from business activities, using 30 trillion yen for investment and 16 trillion yen for deposit and debt repayment. Cash on hand was 65 trillion yen. It is more than 53 trillion yen of the general expenditure of the government.
78. Steps of overseas production: export → local production → local procurement of parts raw materials
79. Impact of overseas production: (1) "export substitution effect" in which overseas production products are replaced with exports from Japan, (2) "reverse import effect" in which overseas products are imported to Japan, "Export inducement effect" in which parts raw materials are exported to corporations. By "export substitution effect" + "reverse import effect"> "export inducement effect", domestic production and employment will shrink by overseas expansion.
80. In Japanese tax revenue, income tax, corporation tax, consumption tax are in order. Long-term trends, income taxes tend to decline, corporate taxes fluctuate up and down, and consumption taxes are stable.
81. Japan's labor force population declined at the peak of 2000. The labor force population ratio declines year by year in the long term, 60% in 2009.
82. In Japan, the annual actual working hours per person has decreased consistently since 1990. The average monthly wage salary consistently declined at the peak of 1997.
83. Japan's per capita nominal GDP is 19th in OECD (highest is second in 1993)
84. (Savings - domestic investment) is kept in foreign currency (dollar), but if it is converted to your own currency, it will become your home currency and affect exports, so foreign investment Lending, etc.). Savings will increase if exports increase, domestic investment opportunities of emerging countries are few, surplus funds go to foreign countries.
85. Although the stabilization function of the economy is an interest rate policy in the West and the West, fiscal policy (especially public investment) is used in Japan, and the proportion of nominal GDP of public investment is large in accordance with the wave of the economy It fluctuated.
86. Japan's economic growth 1956-73: average 9.3%, 1974-90 average: 4.5%, 1991-08: 1.0% average
87. Proportion of yen-denominated transactions in Japan's trade: 20-25% of imports, 35-40% of exports, crude oil and iron ore are many dollar-denominated transactions.
88. Percentage of dollar-denominated transactions in Japan's trade: 70 to 75% imported, 50% exported Before oil shock: 5% to 14% growth (average 8%), oil shock time: -1% growth, then 3% growth, bubble economy: 5% growth, then 0% A low growth age of 3% continues. Household financial assets (Japan): 50% cash and deposits, insurance / pension 26%, stock 11%, investment trust 5%, bonds 3%, others 5%
Household financial assets (US): 13% of cash and deposits, 31% of insurance and pension, 31% of stocks, 14% of investment trusts, 7% of bonds and 4%
89. Noteworthy indicators of the economy (domestic): industrial production index, street corner index, machine order statistics
90. Representative economic indicators: GDP, Tankan Tankan, Industrial Production Index, Consumer Price Index, Corporate Enterprise Statistics, Labor Force Survey
91. WTO Japan Examination: Japanese agriculture has low labor productivity. Tariffs on agricultural products are high, and government subsidies for agriculture are also large. Industrial goods are low in tariffs and free trade. Acceptance of foreign investment is low level.
92. Subsidies for dissemination of technology (housing installation of household solar cell panels, etc.): Popularization will advance as subsidy is raised. If the subsidy is raised too much, the high cost structure of the production side will not be improved, the competition will be stagnant, even if the subsidy is not paid out, it will be impossible to become independent as an industry.
93. Characteristics of the economic activity index: In the recession phase, the leading index falls ahead of the coincident index. In the economic recovery phase, the leading index starts to rise almost simultaneously with the coincident index.
94. The lagging index moves lag behind the coincidence index in both the recession phase and the economic recovery phase.
95. Overseas sales ratio: Automobile 60%, precision equipment 55%, electrical equipment 45%, machinery 40%, steel 25%
96. National debt is 6.5 million yen per citizen
97. Three excesses of equipment, employment, and debt
98. Characteristics of the economy: Izanagi Birds: Real annual rate 11.5%, nominal annual rate 18.4% growth, capital investment is a driving force. Bubble economy: Real annual growth rate of 5.4%, nominal annual growth rate of 7.3%, capital investment is a driving force. The current economic expansion: 2.2% annual real annual growth, nominal annual 0.8% growth, exports are the driving force
99. Business cycle: Short-term circulation: 3 to 4 years cycle, due to inventory circulation (shipping, inventory balance).
100. Purpose of Capital Investment in Manufacturing Industry: Capacity Increase 38%, New Product / Product Advanced 12%, Streamlining / Labor-saving 11%, Research and Development 8%, Maintenance and Repair 18%
101. In Japan, income of older age group is low, income transfer from low age group to high age group occurs through social security system such as pension, medical care, nursing care etc.
102. Only 13% of R & D projects granted by the government were put into practical use in 5 years.
103. Population flows into the metropolitan area, productivity increases due to the population concentration and the growth rate increases, but the provinces become low growth with decreasing population (especially young labor force).
104. Domestic new car sales: It is on a downward trend year by year.
105. In 1995-2003, the labor productivity growth rate in the service industry was 1% per annum at OECD, the manufacturing industry's labor productivity growth rate was 4%, the highest in OECD
106. Japanese company overseas sales ratio: 70% of automobiles, 50% of electrical machinery and machinery, 20% of food, 6% of construction, 45%
107. Production forecast index and forecast revision rate are important as leading indicators.
108. GDP: Individual consumption 60%, private capital investment 15%. Private capital investment has a large impact on GDP. Machinery orders statistics are leading indicators.
109. Industry index: production, shipping, inventory. Stock ratio index = stock quantity / shipping quantity. Shipment stock balance = shipping growth rate - inventory growth rate
110. Focus on production index and shipping inventory balance of electronic parts / devices.
111. Nikkei Product Index: Economic Leading Index
112. Generality of leading indicators: Although the recession phase is a leading indicator, the economic recovery phase is a coincidence indicator.
113. Increase / decrease in nominal personal consumption is highly correlated with disposable income.
114. Demand rate of GDP: Individual consumption 60% (US: 70%), capital investment 15%, public investment 4%, exports 18%, imports 16%
115. Proportion of GDP: 1.5% agricultural and forestry fishery, manufacturing 21%, construction 6%, retail wholesale 14%, financial insurance 7%, service industry 21%
116. Clothing sales: the United States is not good. Japan, China order. Europe is not so much.
117. 2 Regional Dwellings (City and Region)
118. Japanese companies are 40% in yen for export and 25% for yen in imports.
119. The population decline factor is 0.5%, the population constitution factor is 0.5%, Japan's growth rate is depressed.
120. Social Security: If it becomes a high burden due to the expansion of social security, it is negative to economic growth. Meanwhile, in the sense of insurance function to economic risk (unemployment, medical expenses), risk appetite is increased, plus economic growth.
121. Speaking of corporate numbers, 70% of companies do not pay corporate tax. With corporate tax, you can do profit and loss for 9 years.
122. Japanese public works projects declined sharply with peaks in 1995.
123. Of the corporations that declared tax returns, the percentage of returning profits was 25%, while for the results before tax net loss carry forward, 50% of corporations are in surplus. The percentage of consolidated corporations reporting a surplus in many large corporations is 35%.
124. Japan's public works expenditure has continued to decline since its peak in 1997.
125. From the United States and Europe, Japan has higher flexibility of wages because employment priority is given to Japan. Bonuses, overtime workers, increased non-regular employment, and bachelor's hourly wage are strongly bendable.
126. The cause of the slump in the Japanese economy is a reduction in working hours. It is necessary to promote labor participation by women and elderly people and to increase the working population (labor participation rate).
127. In the primary industry, the number of workers declined sharply, but the production volume did not decrease. This is because the productivity has been greatly improved. In the manufacturing industry, transition from manufacturing industry to service industry will not proceed in rural areas with few population. Compared with the manufacturing industry, which is a production base nationwide and overseas, only the population size of that area has employment absorption capacity of service industry.
128. Japan's patent balance: 70% of the export surplus of technology is received from overseas subsidiaries of Japanese companies

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