er the US and China, measured on
a purchasing power parity (PPP) basis. (Using market exhange rates
rather than PPP rates, Japan's economy is larger than China's.) One
notable characteristic of the economy is the working together of
manufacturers, suppliers, and distributors in closely-knit groups
called keiretsu. A second basic feature has been the guarantee of
lifetime employment for a substantial portion of the urban labor
force. Both features are now eroding. Industry, the most important
sector of the economy, is heavily dependent on imported raw
materials and fuels. The tiny agricultural sector is highly
subsidized and protected, with crop yields among the highest in the
world. Usually self sufficient in rice, Japan must import about 50%
of its requirements of other grain and fodder crops. Japan maintains
one of the world's largest fishing fleets and accounts for nearly
15% of the global catch. For three decades overall real economic
growth had been spectacular: a 10% average in the 1960s, a 5%
average in the 1970s, and a 4% average in the 1980s. Growth slowed
markedly in the 1990s, averaging just 1.7%, largely because of the
after effects of overinvestment during the late 1980s and
contractionary domestic policies intended to wring speculative
excesses from the stock and real estate markets. From 2000 to 2003,
government efforts to revive economic growth met with little success
and were further hampered by the slowing of the US, European, and
Asian economies. In 2004, growth improved and the lingering fears of
deflation in prices and economic activity lessened. Japan's huge
government debt, which totals more than 160% of GDP, and the aging
of the population are two major long-run problems. A rise in taxes
could be viewed as endangering the revival of growth. Robotics
constitutes a key long-term economic strength with Japan possessing
410,000 of the world's 720,000 "working robots." Internal conflict
over the proper way to reform the ailing banking system continues.

Jarvis Island
no economic activity

Jersey
The Channel Island economy is based on international
financial services, agriculture, and tourism. In 1996 the finance
sector accounted for about 60% of the island's output. Potatoes,
cauliflower, tomatoes, and especially flowers are important export
crops, shipped mostly to the UK. The Jersey breed of dairy cattle is
known worldwide