WORLD HISTORY

Detailed explanation-1: -Explanation: The Japanese archipelago has very limited natural resources, which is the primary barrier to economic development there.

Detailed explanation-2: -Japan has always been described as a country with virtually no major natural resources such as natural gas, oil, gold, coal, copper, and iron. The country depends on imported raw material and energy.

Detailed explanation-3: -The reasons are: (i)Japan have invested in human capital especially in the field of education and health. (ii)The skilled and trained people have made efficient use of other resources like land and capital. (iii)Efficiency and technology evolved by people have made there countries developed.

Detailed explanation-4: -Lacking natural resources of its own, Japan had no choice but to import the natural resources it needed for its recovery and economic development, and this in turn necessitated exporting manufactured goods in order to earn the hard currency needed to pay for these imports.

Detailed explanation-5: -By the late 1980s, the Japanese economy experienced an asset price bubble of a massive scale. The bubble was caused by the excessive loan growth quotas dictated on the banks by Japan’s central bank, the Bank of Japan, through a policy mechanism known as the “window guidance".