Japan’s Economic Miracle after WW2
Photo: Tokyo 1964 “Skiyabashi Crossing” Japan Press Research Institute / KK Kyodo News
It had been just 20 years since the loss of the war, the world called Japan’s high growth economy ‘Japan’s miracle’ that allowed Japanese people to make various wishes come true.
The high growth economy where people believed that they would be able to become more well-off tomorrow than today was guided by one theory.
The economic growth lasted for about 20 years from 1955 to 1974.
1945 Japan lost the war
1950 The Korean War started (~ 1953)
1955 The economic growth started
1956 An economic white book was published ‘The nation is no longer in an immediate postwar period.”
1960 The struggle of the Japan-U.S. Security Treaty/ The project of “double income” (Ikeda Cabinet)
1964 Tokyo Olympic Games
1968 GNP became the world’s
1974 Stable economic growth period started
1989 A stock price reached the highest (¥38,915) in history
1991 Economic bubble burst
Through experiencing these milestones, Japan was able to rehabilitate the economy and became the world’s
What was behind it? How could Japan make good use of a number of opportunities?
In those days, the government had a strong and pure ambition to complete the restoration of a war-torn country, including reviving the economy and reconstructing the cities, which can be translated as hungry spirits.
On the other hand, companies and workers were also eager to help the government accomplish it together, thus working very hard.
During the economic growth period, Japan faced not only positive
However, the government translated policy into action and it turned out very well. Therefore, people were able to have faith in them. (Now we do not)
In the following articles (maybe more than 10), I will discuss the details of the milestones and other significant factors of “Japan’s Economic Miracle (after WW2)” chronologically.
I believe this can be a perfect guide that helps you understand why Japan’s economy recovered in such a drastic way.