Japan
Japan has a large industrial capacity, and is home to some of the largest and most technologically advanced producers of motor vehicles, electronics, machine tools, steel and nonferrous metals, ships, chemical substances, textiles, and processed foods. Agricultural businesses in Japan cultivate 13 percent of Japan's land, and Japan accounts for nearly 15 percent of the global fish catch, second only to China. , Japan's labor force consisted of some 65.9 million workers. Japan has a low unemployment rate of around four percent. Some 20 million people, around 17 per cent of the population, were below the poverty line in 2007. Housing in Japan is characterized by limited land supply in urban areas.
Economy of Japan
Japan has one of the smallest tax rates in the developed world. After deductions, the majority of workers are free from personal income taxes. Consumption tax rate is only 8%, while corporate tax rates are high, second highest corporate tax rate in the world, at 36.8%. However, the House of Representatives has passed a bill which will increase the consumption tax to 10% in October 2015. The government has also decided to reduce corporate tax and to phase out automobile tax.