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:
“My hope is ... that we may recover ... something of a renewal of that vision of the law with which men may be supposed to have started out with in the old days of the oracles, who communed with the intimations of divinity.”
—Woodrow Wilson (1856–1924)
“No government power can be abused long. Mankind will not bear it.... There is a remedy in human nature against tyranny, that will keep us safe under every form of government.”
—Samuel Johnson (1709–1784)