section_path: Economy
section_name: Economy
paragraph_text: Economy
  
  Japan has the world's fifth-largest economy by nominal GDP, after that of the United States, China, Germany and India; and the fifth-largest by PPP-adjusted GDP. As of 2023, Japan's labor force is the world's tenth-largest, consisting of over 69.2 million workers. As of 2024, Japan has a low unemployment rate of around 2.6%. Its poverty rate is the second highest among the G7 countries, and exceeds 15.7% of the population. Japan has the highest ratio of public debt to GDP among advanced economies, with a national debt estimated at 248% relative to GDP as of 2022. The Japanese yen is the world's third-largest reserve currency after the US dollar and the euro.
  
  In 2022, Japan was the world's fifth-largest exporter and fourth-largest importer. Its exports amounted to 18.2% of its total GDP in 2021. In 2022, Japan's main export markets were China (23.9%, including Hong Kong) and the United States (18.5%). Its main exports are motor vehicles, iron and steel products, semiconductors, and auto parts. Japan's main import markets in 2022 were China (21.1%), the United States (9.9%), and Australia (9.8%). Japan's main imports are machinery and equipment, fossil fuels, foodstuffs, chemicals, and raw materials.
  
  The Japanese variant of capitalism has many distinct features: keiretsu enterprises are influential, lifetime employment and seniority-based career advancement are common in the Japanese work environment. Japan has a large cooperative sector, with three of the world's ten largest cooperatives, including the largest consumer cooperative and the largest agricultural cooperative as of 2018. It ranks highly for competitiveness and economic freedom. Japan ranked sixth in the Global Competitiveness Report in 2019. It attracted 36.9 million international tourists in 2024, and was ranked eleventh in the world in 2019 for inbound tourism. The 2021 Travel and Tourism Competitiveness Report ranked Japan first in the world out of 117 countries. Its international tourism receipts in 2019 amounted to $46.1 billion.