.
As a percentage of the country's GDP, exports of manufactured goods general and electrical machinery, automobiles, chemicals, steel, and textiles amounted to 8.9 percent while imports of raw materials, food and manufactured goods machinery and equipment, food, fuels, chemicals, ores and metals, and agricultural raw materials accounted for 7.6 percent. Japan along with South Korea, India, Taiwan and so on is the one of the main buyers of Australian cotton.
2.1.4 Foreign exchange/currency; payment methods accepted.
Japan's basic unit of currency is the yen. As of August 7th 2003, one yen was equal to AUD $0.012746. The Tokyo Stock Exchange is one of the world's leading securities markets. .
In Japan, cash payment is upon receiving ordered goods. Payment methods accepted in Japan include prepaid electric money, virtual credit card systems, payment through monthly telephone bills or ISP bills. Many e-commerce sites offer credit card payments as the primary payment method. .
2.1.5 Level of development.
Japan is the world's second largest economy after the United States. In 2001 Japan's gross domestic product (GDP) was $4.14 trillion, compared to $10.07 trillion for the United States. By 1992 Japan's per capita GDP had reached $19,920, 86 percent of the U.S. level. In the later 1990s Japan was wallowing in its longest recession dropping another 2.8 percent in 1998.
In fiscal year 2001, GDP fell 0.5 percent on the back of weaker exports, flat domestic consumption and falling industrial production and investments. While unexpected GDP growth in the December 2002 quarter of 0.5 percent was welcome, analysts remain pessimistic about prospects for a strong, sustained recovery in view of ongoing concerns about the outlook for domestic demand and private investment. Japan's heavy reliance on export income as a drive for its economy at a time of worldwide economic slowdown, including recent deceleration in the US economy, anaemic recovery in Asia and concerns over Iraq, render the Japanese economy particularly vulnerable to external shocks.
