This Country economy is characterized by low overall taxation and overwhelmingly private sector economy compared to most Western countries, high economic freedom, close government-industry cooperation for economic growth, emphasis on science and technology, and strong work ethic.Banking, insurance, real estate, retailing, transportation and telecommunications are all major industries. Japan has a large industrial capacity and is home to some of the largest, leading and most technologically advanced producers of motor vehicles, electronic equipment, machine tools, steel and nonferrous metals, ships, chemicals, textiles and processed foods. Construction has long been one of Japan's largest industries, with the help of multi-billion dollar government contracts in the civil sector. Distinguishing characteristics of the Japanese economy have included the cooperation of manufacturers, suppliers, distributors and banks in closely-knit groups called keiretsu and the guarantee of lifetime employment in big corporations.
Japan is also home to some of the largest financial services companies, business groups and bank such as Sony, Sumitomo, Mitsubishi and Toyota. It is also home to the world's largest bank by asset, Japan Post Bank and others such as Mitsubishi UFJ Financial Group , Mizuho Financial Group and Sumitomo Mitsui Financial Group. The Tokyo Stock Exchange with a market capitalization of over 549.7 trillion Yen as of December 2006 stands as the second largest in the world.