This study aims to address structural changes in the Japanese economy after the prolonged recession revealed by the global economic crisis. Such changes paved the way for the opposition party's landslide electoral victory over the 'perennial ruling party' for the first time in Japan since 1955. In addition, they provide some lessons for Korea, in that Koreans have witnessed phenomena similar to Japan's in many respects. This also shedslight on the expenditure aspect of Japan's economy, that is, stagnation of household consumption under circumstances of rising dependence on exports.
From 2002 to 2007, Japan experienced a boom driven by unprecedented level of exports, attributable mainly to the devaluation of the Yen and low wages of Japanese workers. The so-called 'centennial stagnation' of Japan's economy following the global economic crisis was a sign that structural limits of the country had been exposed; and that Japan, the world's second-largest economic power where household consumption accounts for more than half of the country's GDP, while exports only consisted about 13% of Japan's average annual GDP during the period although Japan was heavily reliant on them. In this context, Japan's unprecedented export-driven boom during the period was in fact a fragile one and was also the cause of the centennial stagnation that started with the global crisis in 2008. The long-lasting stagnation of household consumption stemmed from sluggish increases in wage levels, yet the other side of the coin was that low wages were the very factor making Japanese firms morecompetitive in terms of prices of its exports.
The household consumption has been slowed down, first of all, by deterioration of wage income levels in Japan. In particular, decrease in wage income stands in stark contrastto increases in incomes of firms, an increase without parallel in history of the Japanese manufacturing sector by virtue of the export boom. The more basic reason can befound in the fact that most Japanese firms conducted large-scale layoffs involving regular employees. They were replaced by temporary workers whose wages are even lower and level of employment protection so weak as to make dismissal much easier than regular workers. The wage level of the total workforce also dropped due to retirement en masse of baby-boomers whose wage levels were at the top of wage profile. Future uncertainty such as employment anxiety or lack of security for the aged further increased inactive household consumption. The failure of Japanese government policy was also among reasons contributing to such uncertainty.
This study provides Korea with some lessons, in the form of examples both good and bad. First, Korea needs to engage in efforts to minimize the volatility of external variables, for stable export growth. Second, it is inevitable for Korean firms to keep wage income levels steady in order to maintain their volume of sales revenues through promotion of household consumption. Finally, Koreans should prepare, for the coming of the 'aged society', where the number of persons more than 65 years of age occupies 14% or more of the total population which is happening in Korea faster than anywhere else in the world, even though Korea's fiscal deficit level is a bit better than Japan's.

국문요약

제1장 서론

1. 배경과 목적
2. 문제의식과 분석 틀
가. 일본경제의 수요 측면에 주목
나. 국민소득통계 분석의 기초
3. 연구의 구성

제2장 최근 일본경제 동향 및 전망
1. 금융부문
2. 실물부문
가. 글로벌 금융위기 이후 큰 폭의 마이너스 성장
나. 2009년 2분기 GDP 성장률 5분기 만에 플러스로 전환
3. 향후 전망

제3장 수출의존구조의 정착과 글로벌 금융위기
1. 수출의존구조의 정착
가. 수출의존형 최장기 경기회복국면(2002~07)을 시현
나. GDP 수요 항목 중 수출비중 급증
다. 주요 수요 항목별 성장률과 기여도의 변화
2. 글로벌 금융위기 이후의 수출 급감
가. 수출호황국면의 수출 급증
나. 글로벌 금융위기 이후 수출 급감
3. 평가 및 전망

제4장 가계소비의 장기둔화 추이

1. 가계소비의 장기둔화 추이
가. ｢국민소득통계｣의 가계소비 추이
나. ｢가계조사｣의 가계소비 추이
2. 가계소비 둔화의 주요 원인
가. 소득감소
나. 미래의 불확실성 증대
3. ｢가계소비 실태조사｣에 나타난 미래의 불확실성 증대
4. 소결

제5장 결론
1. 평가와 전망
가. 평가
나. 전망
2. 한국에의 시사점
가. 안정적 수출여건 마련
나. 가계소비의 건실한 성장기반 구축
다. 저출산․고령화에 대비한 재정 건정성 확보
3. 본 연구의 의의와 향후 연구과제
참고문헌
Executive Summary