To start with, macroeconomic factors that supported Japan’s strong post-war economic recovery such as high
investment ratios backed by savings mobilization, technology progress, flexible labor supply, and favorable
external conditions will be reviewed. Then, market practices of a long-term nature that were often referred to as
elements of the ‘Japanese-style market system’ are surveyed. These elements include labor market practices,
keiretsu business relations, a main-bank system, and business-government relations that feature detailed
regulations and industrial policies. The long-run macroeconomic policies conducted by the Japanese government
including the ‘medium-term economic plans’ will be introduced.