Unwise trade move by Japan

The contraction of the global market in the wake of the global financial crisis has dealt a heavy blow to Japan's economy, and the failure of "Abenomics" to achieve the expected effects has resulted in the trend of protectionism emerging in Japan.

Japan's Ministry of Finance has reportedly said that it will amend the preferential tariff system it introduced in the 1970s that imposes minimal to no duties on selected industrial products from developing economies.

The adoption of such a preferential tariff system reflected Japan's willingness to undertake its international responsibilities as a developed country.