The economy of Japan is the third largest in the world after the United States and the People's Republic of China and is the world's second largest developed economy. According to the International Monetary Fund, the country's per capita GDP (PPP) was at $34,362 or the 24th highest in 2011.
Japan is the world's 2nd largest automobile manufacturing country, has the largest electronics goods industry, and is often ranked among the world's most innovative countries leading several measures of global patent filings. Facing increasing competition from China and South Korea, manufacturing in Japan today now focuses primarily on high-tech and precision goods, such as optical equipment, hybrid cars, and robotics.
