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:
“In our day the conventional element in literature is elaborately disguised by a law of copyright pretending that every work of art is an invention distinctive enough to be patented.”
—Northrop Frye (b. 1912)
“All forms of government symbolize an immortal government, common to all dynasties and independent of numbers, perfect where two men exist, perfect where there is only one man.”
—Ralph Waldo Emerson (1803–1882)