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In 1989, Emperor Hirohito died. In many ways it was the end of an era. He had come to the throne in 1926 and ruled through the war years and the years of regrowth. His son, Akihito, succeeded him. Problems were beginning to arise in Japan. Everyone had assumed that the economy would grow forever. But in fact it began to slow down. Companies began to lose money. It was the beginning of a recession. As life grew harder, it became clear that big changes were needed, in the political system and in the economy. In 1993, the Liberal Democratic Party (LDP), which had been in power since 1955, was voted out and replaced by a reforming coalition government. For Japan the era of high economic growth had passed. A new and challenging era was beginning.
More on Japan's economy : Prosperity & pollution | Boom years | Economic downturn
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