Japan’s Heisei era followed 1980s boom and was marred by economic downturn, terrorism and devastating natural disasters
- Heisei era began in early 1989, just before the collapse of Japan’s ‘bubble economy’, when sky-high stock and land prices plunged
- Decades of tepid growth and deflation that followed have tempered expectations about the economic future and Japan’s place in the world
More than anything, people said they hoped peace would define the reign of Crown Prince Naruhito, who will become emperor on Wednesday, ushering in the Reiwa era.
“Heisei had a lot of disasters and the economy stagnated,” 47-year-old Kaori Hisatomi said in the capital Tokyo, where ceremonies were underway at the Imperial Palace. “It was a period of transition from the high-growth era, with its ‘can-you-work-24 hours’ mentality. Young people these days don’t think that way. Now it’s more: ‘What can I do to survive?’”
Japan is marking the transition to 59-year-old Naruhito, who will ascend the Chrysanthemum Throne on Wednesday, with an unprecedented 10-day holiday.
The Heisei era began in early 1989, just before the collapse of Japan’s “bubble economy,” when sky-high stock and land prices plunged. The decades of tepid growth and deflation that followed have tempered expectations about the economic future and Japan’s place in the world.
“Thinking patterns have changed,” Hisatomi said. “There’s not much confidence the economy will grow in a healthy way.”
Eiji Kaneko, 44, an Osaka restaurant owner visiting Tokyo, also noted the way Japan had changed under Akihito.
