# data[].attributes.headline
Practice HSC 20 Marks Case Study Question

# data[].attributes.subject
Practice HSC 20 Marks Case Study Question

# data[].attributes.attachment_link.title
Practice HSC Question - Japan Case Study Question Part IV - 20 marks 

# data[].attributes.headline
Practice HSC 10 Marks Case Study Question

# data[].attributes.subject
Practice HSC 10 Marks Case Study Question

# data[].attributes.attachment_link.title
Practice HSC Question - Japan Case Study Question Part II - 10 marks 

# data[].attributes.body
In the above post, I provided a Teacher's example of the overall impact of globalisation on the Japanese economy.

I now want you to delve deeper as students in pairs.

In the Comments section below:

1) Write three strategies that have worked in Japan to promote economic growth and development in the economy.

2) Provide two examples of when other policies have harmed the economy.

3) Comment on another student Pair's post and link the policies and strategies they have named to the key five globalisation impacts outlined in the teacher's example

The purpose of this task is for students to critically analyse the facts they learned in the resource task and connect them to the impacts of globalisation, building a more comprehensive information bank for future HSC exam questions.

# data[].attributes.body
If you are struggling with getting started or want a starting point for your 20-mark question, here is an example. I used the five principal impacts of globalisation on the Japanese economy. These five impacts can then be broadened to include economic theory and examples from Japan or a comparison from Australia. This method allows you to shape the essay to match any possible question using this as a template.

# data[].attributes.attachment_link.title
Scaffolded Practice HSC Question - Japan Case Study Question Part IV - 20 marks 

# data[].attributes.headline
Bank of Japan - Economic Report on Impact of Globalisation

# data[].attributes.subject
Bank of Japan - Economic Report on Impact of Globalisation

# data[].attributes.body
Hogen, Y., Ito, Y., Kanai, K., & Kishi, N. (2024, March). Changes in the Global Economic Landscape and Issues for Japan's Economy. Bank of Japan Working Paper Series, 24(3), 1-40.

# data[].attributes.headline
Japan’s Economy Rise and Fall... And Rise Again?

# data[].attributes.subject
Japan’s Economy Rise and Fall... And Rise Again?

# data[].attributes.body
Economics Explained. (2024, January). Japan’s Rise and Fall... And Rise Again? Retrieved from Youtube: https://www.youtube.com/watch?v=N1dAM2rPtKo

# data[].attributes.attachment_link.title
Japan’s Rise and Fall... And Rise Again?

# data[].attributes.headline
Comparing The impacts of Globalisation between Australia and Japan

# data[].attributes.subject
Comparing The impacts of Globalisation between Australia and Japan

# data[].attributes.body
Park, S. (2021). Case Study On Australia & Japan Economies. Retrieved from AceHSC: ttps://www.acehsc.net/resource/case-study-on-australia-japan-economies/

# data[].attributes.attachment_link.title
Case Study On Australia & Japan Economies

# data[].attributes.headline
Where Japan wants to go with new policies

# data[].attributes.subject
Where Japan wants to go with new policies

# data[].attributes.body
Tutor2u. (2022, June 3). Study Note - Japanese Economy - Abenomics. Retrieved from Tutor2u: https://www.tutor2u.net/economics/reference/japanese-economy-abenomics

# data[].attributes.attachment_link.readable_text
In the last few years there has been a dramatic change in economic policy in Japan. The Japanese authorities have embarked on a strategy to raise economic growth and end price deflation. Collectively the policy mix has become known as Abenomics.

The main aims of Abenomics

Prime Minister Abe has promised to raise Japan's per capita gross national income by more than $15,592 in 10 years under the upcoming economic growth strategy. It now is about $US 45,000 a year.

He wants to achieve a 3% annual increase in real disposable incomes for Japanese consumers, and lift corporate investment spending by Japan's biggest enterprises.

There are three elements to the policy - known as the " Three Arrows of Abenomics." They are

1. Monetary easing - quantitative easing to increase the money supply, continued zero policy interest rates - both designed to engineer a depreciation in the external value of the Yen as a strategy to improve export profits and push up share prices.

2. Fiscal expansion - large rise in infrastructure spending but also a stepped rise in consumption taxes to raise revenues and help control Japan's staggeringly high national debt

3. Supply-side reforms to improve competitiveness in the medium term - designed to improve business investment, create new jobs and bring Japanese firms back to Japan to produce and export from there. Policies include cutting red tape, making it easier for women to enter the work force (to counter an ageing and declining population). Abe also supports the Trans-Pacific partnership trade pact, he wants to make Japan a more open economy.

The Bank of Japan (BoJ) has run a zero interest rate policy for many years but despite this, growth has remained weak and the economy has suffered persistent price deflation.

As part of Abenomics, the Japanese central bank aims to double the base supply of money - measured by the amount of cash in circulation plus the deposits that commercial banks have at the BoJ - and increase the amount of longer-term bonds and other assets on its balance sheet.

The expansion of the money supply is intended to fast-forward a return to positive inflation in Japan; a new inflation target of 2% for consumer prices has been set.

One consequence of this easing of monetary policy is that the Japanese Yen has depreciated against the US dollar - good news for Japanese exporters but bad for Japanese importers whose raw materials, energy and components will now cost more.

Reforming the heavily indebted Japanese economy to achieve an improvement in trend growth is a long-term aim since the time lags involved in structural changes can take years before showing dividends. There are risks in a policy deliberately designed to increase inflation.

Is Abenomics working?

1. Japanese yen has weakened but the trade position has worsened

2. Corporate profits have grow strongly - will this lead to a rise in investment?

3. The consumption tax has hit household spending and lowered short term growth

4. Unemployment is down to 3.6% and there are signs that firms are willing and able to raise wages

5. Nearly one million women have joined the labour force in the last year

6. Little progress in cutting the budget deficit because of 2014 economic slowdown

Remember that Japan will host the 2020 Olympics - Japan is hoping to double the number of foreign tourists each year in the years before the Olympic flame is ignited in Tokyo for the first time since 1964.

Has Abenomics fixed Japan's economic fortunes

Economic Growth Rate for Japan (Source IMF)

Abenomics - a success or not?

Annual trade balance for Japan

Find more statistics at Statista
More articles to read on Abenomics and the Japanese Economy
Linda Yueh (BBC) Japan to be year late in hitting inflation target (Jan 2015)

David Pilling (Financial Times) Abenomics' success hinges on a tricky balance

Can Abenomics succeed? (IMF Review article, April 2015)

Japan's stock market index reached 15 year high (BBC news, April 2015)

# data[].attributes.attachment_link.description
In the last few years there has been a dramatic change in economic policy in Japan. The Japanese authorities have embarked on a strategy to raise economic growth and end price deflation. Collectively the policy mix has become known as Abenomics.

# data[].attributes.body
The impact of globalisation on Japan's economy in the last 25 years can be summarised in the following five key points:

1. Compared to the United States and Australia, Japanese companies have increased their productivity by enhancing the efficiency of their production processes using low-cost inputs from other countries.

2. The decline in Japan's trading sector competitiveness, a result of increased global competition, has led to a long-term deterioration in Japan's terms of trade. This has also weakened the yen's real effective exchange rate, highlighting the need for strategic planning and adaptation in the face of globalisation.

3. Employment has shifted from the manufacturing sector to the non-manufacturing sector, accompanied by a widening wage gap between the two sectors.

4. Globalisation has consistently put downward pressure on inflation in Japan over the past 25 years.

5. Amid declining price markups, partly due to intensified competition from overseas, Japanese companies have maintained their profits by increasing wage markdowns.

Hogen, Y., Ito, Y., Kanai, K., & Kishi, N. (2024, March). Changes in the Global Economic Landscape and Issues for Japan's Economy. Bank of Japan Working Paper Series, 24(3), 1-40.

# data[].attributes.body
In our recent class sessions, we've focused on studying the Japanese economy and its relationship with globalisation. Below, you'll find four different resource materials, each offering a unique perspective to enhance our understanding of the Japanese economy.

As mentioned in the overview, we need to be prepared for a 10-mark or 20-mark question in the HSC that will require us to describe aspects of the Japanese economy supported by facts and examples. This exercise aims to build a solid foundation of knowledge and facts to utilise when answering questions in the HSC exam.

Task 1.

For each resource, I require every student to provide at least three characteristics of the Japanese economy learned from the resource.

This task's purpose is for each student to build a knowledge bank of key facts and figures about the Japanese economy that they can use in future questions.

# data[].attributes.body
HSC Syllabus: "Undertake a case study of the influence of globalisation on an economy other than Australia, including an evaluation of the strategies used to promote economic growth and development in this economy."

Most HSC exams over the past 15 years have included either a compulsory 10-mark question or an optional 20-mark question that directly refers to your case study country for topic 1. This case study country is not just a part of your exam, but a fascinating exploration of the influence of globalisation on an economy other than Australia. That's why it's important to study and have a good summary of notes of your case country before the exam.

Be prepared to answer questions relating to the following topics relating to Japan's economy.

International economic integration

• globalisation

• the international and regional business cycles

Trade, financial flows and foreign investment

• the basis of free trade – its advantages and disadvantages

• influence of government economic forums – G20, G7/8

• trading blocs, monetary unions and free trade agreements

Protection

• reasons for protection – infant industry argument, domestic employment, dumping, defence

• methods of protection and the effects of protectionist policies on the domestic and global economy – tariffs, subsidies, quotas, local content rules, export incentives

Globalisation and economic development

• differences between economic growth and economic development

• distribution of income and wealth

• income and quality of life indicators

• developing economies, emerging economies, advanced economies

• reasons for differences between nations

• effects of globalisation

• trade, investment and transnational corporations

• environmental sustainability

# data[].attributes.body
Complete the following Exam questions and post your answers in the comments sections.

Then complete the following task below in the comments:

Feedback Task 1. Provide feedback to three students who had points and answers you didn't consider in your post, and explain how you will integrate their points next time.

Feedback Task 2. Support three students by providing them with additional information or points from your post to expand their answers.