Japan exports drop 46% in January

Na předmět 2BP260 Banking and Financial Institutions máme každý týden napsat komentář k jednomu článku o ekonomice. Dovolím si dát svoje komentáře i na svůj blog. P. t. čtenář mi snad odpustí gramatické chyby i to, že se tématu držím pouze velmi volně… Případné komentátory prosím o komentáře v českém jazyce.

Article: Japan exports drop 46% in January

Comments: From my point of view, two basic facts are missing in the article. First, it is not stated under which exchange rate regime Japan manages the yen. So the question if the yen depreciates — which would raise the exports again — remains unanswered. As I found out, the regime is floating so I’m just wondering why there is no word whatsoever about that in the article…

Second, the dependence on the international trade is not exactly stated (measured as the exports and imports on GDP), it is only said that “trade is so central to the economy”, which is a very poor expression. As I found out, the volume of export is 16 % of the GDP; the volume of import is 13 %. These figures are totally incomparable to those of the Czech Republic, for example, where these are respectively 80 % and 75 %. For Japan, trade is not as important as for other countries.

Regarding the crisis — I think every economist and even every layman in the world must have said that such strong dependency on one industry (as in Japan depends on the car industry) is dangerous. Now that we are having a recession, it becomes absolutely clear that restructuring of the car-dependent economies (Czech Rep. being one of them) is needed.

My last thought: I don’t think governments should (or even can) do something about it. It is a natural process of clearing the markets.