Industrial Economies (jan 1, 1929 – jan 1, 1932)

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Foreign trade fell sharply between 1929 and 1932, causing further losses in manufacturing, employment, and per capita income. Because of its great dependence on the U.S. market, the Japanese economy felt the depression's effects almost immediately. Unemployment in export-oriented sectors of the economy skyrocketed as companies cut back on production.

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