The Sun Also Rises
Is a revival on the horizon for Japan's economy? That may be good news for you.
In recent months, American businesses have focused their attention on China, which is becoming increasingly competitive with U.S. firms. Several U.S. business associations are filing anti-China trade complaints in Washington, charging that Beijing keeps its currency pegged to the dollar at a low rate to export more cheaply.
But even as they focus on Beijing, Americans appear to be ignoring the fact that Japan, the world's second-largest economy, is recovering from a decade of economic malaise. Lately, Japan's economy has posted impressive figures, and a recent Bank of Japan survey showed business confidence rose in Japan last August and September, the first time confidence has gone up in more than three years. The reason: Japan's economy grew by nearly 4 percent in the second quarter of 2003, while Japanese exports grew by nearly 10 percent year-on-year in September.
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