Japan's Tax History Convergence

World War II left Japan in disarray, with the majority of the countrys infrastructure and production in ruins. Facing a destroyed economy, counted out by the rest of the world, the countrys future looked dark and dismal, and their government recognized the necessity to restructure. Essentially, the bombing of Japan gave them opportunity to reboot their economy from scratch (Histroy of Modern Japanese Economy, 2010). During the United States occupation of Japan the government used this period to catapult a reform of their industries during which a corporate leadership overhaul was also prevalent. The invasion of the US on Japanese soil proved most beneficial to Japan, during the US occupation the Japanese saved and focused on education, ultimately creating a world leading educational system and massive growth of their banking industry. Forgoing a rebuilding their military (surrender agreement) Japan began cultivating an economy which would later threaten to overtake the United States leadership position. During Japans utmost period of economic growth (1950-1980s), the country and the people flourished, until the late 1980s. December 1989, the bubble burst interest rates raised unexpectedly and sharply to control the inflation of the yen within the country. Unfortunate for the Japanese, this sudden hike