its lack of natural resources. Japan is a resource-poor country with limited reserves of raw materials such as oil, gas, and minerals. This necessitates heavy dependence on imports to meet the domestic demand for these resources.
The lack of natural resources has made Japan vulnerable to price fluctuations and supply disruptions in the global market, impacting the country's economy. For example, during the 1973 oil crisis, when oil prices skyrocketed due to political tensions in the Middle East, Japan experienced a severe energy crisis.
To mitigate this challenge, Japan has focused on developing its technological prowess and manufacturing capabilities. The country has excelled in industries such as automotive manufacturing, electronics, and robotics, which has helped it become a global economic powerhouse.
However, Japan's reliance on imports and the high cost of raw materials have put pressure on its economy. The country often needs to pay a premium for resources, which impacts its trade balance and hampers its ability to compete with countries that possess abundant natural resources.
The lack of natural resources has also influenced Japan's energy policies. The nuclear energy sector played a significant role in meeting the country's energy needs, as nuclear power plants provided a significant portion of Japan's electricity. However, the 2011 Fukushima nuclear disaster led to the shutdown of nuclear reactors and raised concerns about the safety and reliability of nuclear power in Japan.
Overall, while Japan has managed to overcome its resource limitations through technological innovation and efficient resource management, the lack of natural resources remains a significant economic challenge for the country.
Throughout its history the key factor contributing to Japan’s economic challenge is
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