Law and Government
Japan ranks 20th of 183 countries in the Ease of Doing Business Index 2012.
Japan has one of the smallest tax rates in the developed world. After deductions, the majority of workers are free from personal income taxes. Value-added tax rate is only 5%, while corporate tax rates are high.
Shareholder activism is rare despite the fact that the corporate law gives shareholders strong powers over managers. Recently, more shareholders have stood up against managers.
The government's liabilities include the second largest public debt of any nation. Former Prime Minister Naoto Kan has called the situation 'urgent'.
Japan's central bank has the second largest foreign-exchange reserves after People's Republic of China.
Read more about this topic: Economy Of Japan
Famous quotes containing the words law and/or government:
“An endless imbroglio
Is law and the world,—
Then first shalt thou know,
That in the wild turmoil,
Horsed on the Proteus,
Thou ridest to power,
And to endurance.”
—Ralph Waldo Emerson (1803–1882)
“In framing a government which is to be administered by men over men ... you must first enable the government to control the governed; and in the next place oblige it to control itself.”
—James Madison (1751–1836)