20th Century
In the mid 1930s, the Japanese nominal wage rates were 10 times less than the one of the U.S (based on mid-1930s exchange rates), while the price level is estimated to have been about 44% the one of the U.S.
Comparison of GDP per capita between East-Asian Nations and the U.S. in 1935:
| Country | GDP/capita, 1935$ (Liu-Ta-Chung ) | GDP-PPP/capita, 1990$ (Fukao ) | GDP-PPP/capita, 1990$ (Maddison ) |
|---|---|---|---|
| U.S. | 540 | 5,590 | 5,590 |
| Japan (excl. Taiwan and Korea) | 64 | 1,745 | 2,154 |
| Taiwan | 42 | 1,266 | 1,212 |
| Korea | 24 | 662 | 1,225 |
| China | 18 | 543 | 562 |
Read more about this topic: Economic History Of Japan
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