Japan’s economic clout calculated per person is seen slipping behind neighbors such as Taiwan and South Korea, a likely development accelerated by the yen’s slide that raises concerns about the country’s long-term growth prospects.
The dollar’s strength this year has battered currencies around the world, but the yen has taken a bigger hit than either the won or the Taiwan dollar, leading to a less favorable comparison of gross domestic product in dollar terms.
Japan’s nominal gross domestic product per capita is expected to have already fallen below Taiwan’s this year and is projected to be smaller than South Korea’s in 2023, according to a report this week by the Japan Center for Economic Research.