MBA Japan

Money & Finance in Japan


 

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Japan finance is a volatile one. This country has experienced a quick economical growth from the 60s, 70s and 80s, placing it as the second largest economy when it comes to GDP. The country experienced a deceleration in its growth in the 90s, and acceleration started again by 2006. Japan is going through important changes, with a reformation in the tax system, new inflation management programs and improvements in its labor system.

Due to reformation and a very ethic management system Japan is still ranked as the 2nd largest economy in the world and the 1st in Asia.

The Yen () is the third most traded currency, the most important reserve currency after the Euro, US Dollar and Pound Sterling, and the national currency of Japan. This currency is administered only and exclusively by the Bank of Japan.

Japan as well as the rest of Asian countries has a floating exchange rate, due to the 10% the US imposes to all Japanese imports.

JAPANESE BANKING
Bank times are from Monday to Friday, from 9am to 3pm. If you need to open an account you will be required to present your Alien Registration Card together with the appropriate immigration paper. If you need an ATM or CD use them during weekdays, since they do not work at weekends.

Keep in mind international credit cards are not taken by most ATMs, so make sure you find the right spots with International ATMs for you to use.

JAPAN CURRENCY
The Yen is the National Currency in Japan, and its sign is "", this currency is the third most traded currency in the world, after the US Dollar and the Euro. It is also an important reserve currency, ranking in the fourth position.

TAXES IN JAPAN
Japanese taxes are of many types being the most important ones: The Income tax, that is paid yearly based on the yearly personal income and it is also known as the Resident Tax. The Enterprise Tax, that is paid yearly by people that work as self-employed, the tax is calculated taking into account the yearly income and the type of work. The property tax is paid by whoever has a land, or some type of home. The consumption tax paid whenever a person gets good and/or services, and the tax should be included in the price. Other taxes that must be considered are the tobacco, alcohol, vehicle-related and gasoline taxes.

MORTGAGES IN JAPAN
With the second largest Asian largest mortgage market, and a developed economy Japan has nothing but a 2.375% mortgage rate and a 40.3% as Gross Domestic Product.



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