Industry, the most important sector of the economy, is heavily dependent on imported raw materials and fuels. The much smaller agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. Growth slowed markedly in 1992-95 largely because of the aftereffects of overinvestment during the late 1980s and contractionary domestic policies intended to wring speculative excesses from the stock and real estate markets. As a result of the expansionary fiscal policies and declining tax revenues due to the recession, Japan has one of the largest budget deficits as a percent of GDP among the industrialized countries. The crowding of habitable land area and the aging of the population are two other major long-run problems.
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