tered a serious economic recess in 1989-1990. The Japanese economy has never fully recovered from that recession, although economic conditions had improved over the years. Thus, the Japanese economy was not a source of comfort because it could insulate the country from the ravages of global economic meltdown.
What is true, however, is that Toyota Motor Company had not been as badly affected by the troubles in the wider Japanese economy as had other Japanese companies. Toyota had a stronger global position that did most Japanese companies. Thus, the company was better able to avoid the most severe effects of declines in Japanese domestic demand. This same
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