Japanese currency

According to economic historian Angus Maddison in his book The World Economy: A Millennial Perspective, India had the world’s largest economy during 0 BCE and 1000 BCE. Historically, India was the largest economy in the world for most of the two millennia from the 1st

until 19th century, contributing 25% of the world’s industrial output.[57][58] [59][60] China was the largest and most advanced economy on earth for much of recorded history and shared the mantle with India.[61][62][63] For several decades in the late twentieth

century Japan was the largest economy in Asia and second-largest of any single nation in the world, after surpassing the Soviet Union (measured in net material product) in 1990 and Germany in 1968. (NB: A number of supernational economies are larger, such as the European Union (EU), the North American Free Trade Agreement (NAFTA) or APEC). This ended in 2010 when China overtook Japan to become the world’s second largest economy.

In the late 1980s and early 1990s, Japan’s GDP was almost as large (current exchange rate method) as that of the rest of Asia combined.[64] In 1995, Japan’s economy nearly equaled that of the US as the largest economy in the world for a day, after the Japanese currency

reached a record high of 79 yen/US$. Economic growth in Asia since World War II to the 1990s had been concentrated in Japan as well as the four regions of South Korea, Taiwan, Hong Kong and Singapore located in the Pacific Rim, known as the Asian tigers, which have now all received developed country status, having the highest GDP per capita in Asia.[65]