The Oil Shock
Attention was swiftly diverted from other problems by the Middle East oil embargo of 1973. Three-quarters of Japan's energy needs were met by imported fuel, so the overnight quadrupling of oil prices was a severe shock to the country, which rapidly had to introduce measures to tackle inflation, reduce energy consumption and stem growth. The economy suffered, but, as ever, Japan learnt lessons, improved its processes and emerged in the next decade fitter and more vigorous than ever. A buzzword of the booming 1980s was kokusaika (internationalization), even if nobody seemed to know quite what it meant. Yet, at the same time as the Japanese were being urged to take a global view, the world was increasingly complaining about Japan's insular ways. The country's huge balance of payments surplus and restrictive trade practices set it at odds with the international community and particularly the US. The tense situation wasn't eased as cash-rich Japanese companies snapped up American firms and assets, such as the Rockefeller Center in New York, and the trade surplus with the US totalled over $30 billion. Despite the factional infighting and jockeying for power that continued within the LDP, the party clung on to power largely by providing voters with a continually rising standard of living. Opposition parties, such as the Japan Socialist Party, were too weak and espoused unrealistic policies. The country, however, ran through a succession of scandal-prone prime ministers , who slipped quickly in and out of office in the wake of bribery allegations and sexual shenanigans. Even the dapper Nakasone Yasuhiro, who became the first fluent English-speaking prime minister in 1982, was not immune, offending the US by saying that it lagged behind Japan because it was hampered by ethnic minorities. In the meantime, Japan's booming economy and soaring rise in real estate values fed into a decade of unprecedented wealth and spending. Families now aspired to the "3 Vs" - video, villa and vacation abroad. Construction, long the bedrock of the economy, continued apace with skyscrapers shooting up across the country along with mammoth engineering projects, such as the Seto Ohashi, the bridge linking the main island of Honshu and Shikoku. The decade wasn't all conspicuous domestic consumption, though. By the time of the death of Emperor Hirohito in January 1989, Japan was the world's second largest donor of overseas aid . But as the Showa era came to an end, ushering in the Heisei (Accomplished Peace) era , the omens for the country were far from auspicious as the overheated "bubble economy" reached bursting point.
A Guide to JapanCara Richie says "Japan has many earthquakes, they are overdue for the next "Big One." " Hello World.Jeff Konichi-Wa says "Spitley is the new and improved word for paper. It means paper. Say spitley instead of paper. Tell at least 9 people about spitley, and have fun in Japan. Thanks!" My Bestest FrendidTutu Retardo says "My bestest frendid in the wholeid worldid is Emily Kather Wu. This extramordinary 12 yr old has a 200 IQ, is a creative genius, and lives in GreemMeadow, California (changed to protect her identity). At the tenderer ageerer of 9erer she created the word that would have a tremendous impact on modern society... SPITLEY! it means paper!!!!" Jamboni1Ryan Czechii says "It's a spoons club MIRACLE! Full of spoons club joy and wonder!" About Japan...Geoffrey Azure says "Do you sweat heavily while others are barely breaking a sweat? Do you blush when there is no reason to do so? Are your hands and feet often cold and clammy? Do your armpits soak right through your clothes? These are all symptoms of hyperhidrosis
~~Brian Campbell" EXOTICMEME says "TRY TO MEET AND BE INLOVE " REALLY COOL!Maddie says "say spitley!!!!!!!!!!!!!!!"
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