ABSTRACT
Bolstered by its rapid modernization and societal advancement, Japan has emerged over the past half-century as a world leader. The country enjoys one of the highest standards of living in the world. Its high life expectancy, literacy, per capita income, safety, level of convenience, and overall freedom surpass most countries. Japanese public officials are generally known for their integrity, and enjoy a high level of public trust. Consequently, Japan is renowned for its innovative ideas, advanced technology, overall stability, and quality of life. In fact, emerging countries study and even model their economic and legal systems after Japan as they look to its ideas, economic prowess, and incorporation of foreign influences. Notwithstanding its achievements, Japan’s importance has been discounted since the
turn of the century due to its ongoing economic ills and political stagnation. After decades of unparalleled commercial growth and success on the global stage during the latter half of the 20th century, Japan entered an extended period of economic uncertainty known as the “two lost decades.” In the early 1990s, Japan’s so-called “bubble economy” burst, causing stock prices to plummet, property values to crash, and its economy suddenly to stall (Ito and Mishkin 2006). In search of a solution to combat economic stagnation effectively, policy makers turned to the law. To retool itself and prepare for the future, the government decided to revamp Japan’s legal system and bring it closer to the people.
