Topic: Takashi Shiono
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It's official. On Feb. 14, China was recognized as the world's second-largest economy after the United States. Japan released its 2010 economic figures, announcing that its full-year GDP was $5.47 trillion – about 7 percent smaller than China's. But read between the lines and look beyond the top three rankings. You find that Americans are already convinced that the US has fallen behind China, that Japanese are not necessarily dismayed at the news that they've fallen to No. 3, and that other nations are showing notable economic changes.
Standard & Poor’s cut its rating on Japanese sovereign debt one notch last week, strengthening the naysayers. But with falling unemployment, large reserves, and rising corporate profits, 'Japan is punching well above its weight,' says one analyst.
Some Japanese hope the news that China's economy has bumped Japan's as the world's second largest will serve as a wake-up call. Most Japanese knew this day was inevitable.