Japan is a wonderfully unique place and could be said to be a realm of contrasts, anomalies and anachronisms. But, at the same time, it is Asia’s first modern and industrialised nation and has been involved deeply in world trade for over four decades . Contemporary Japan is a great success story of twentieth century. In various fields, Japan challenged Western hegemony and succeeded in setting ... [Show full abstract] world-beating standards. The world admired, applauded and envied Japan. In fact during 1980s for a short period, it appeared that Japan may even dislodge the United States from global leadership positions in certain areas [2, p. 191]. It had maintained itself as the world’s second largest economy from 1968 until 2010, till the time China overtook it. This probably happened because of the ‘rise of China’ and the change in economic and political circumstances with Japan at the end of twentieth century. Again twenty-first century has arrived with certain positive impetus to take Japan towards a brighter future.