Vocab 8

Question 1

Nixon Shock -

Answer 1

A series of economic policies implemented by US President Richard Nixon in 1971, including the abandonment of the gold standard and the imposition of wage and price controls, which had significant implications for the global economy and Japan’s trade relations with the US.

Question 2

Oil Shock -

Answer 2

The 1973 oil crisis, during which an OPEC oil embargo led to a sharp increase in global oil prices and economic turmoil, particularly in Japan, which was heavily reliant on imported oil.

Question 3

MITI (Ministry of International Trade and Industry) -

Answer 3

A Japanese government agency responsible for overseeing the country’s international trade and industrial policies, playing a significant role in Japan’s postwar economic growth.

Question 4

Ikeda Hayato -

Answer 4

A Japanese statesman and Prime Minister who introduced the “Income Doubling Plan,” which aimed to double the country’s per capita income and promote economic growth during the 1960s.

Question 5

“Income doubling plan” -

Answer 5

An economic policy introduced by Prime Minister Ikeda Hayato in 1960, which aimed to double Japan’s per capita income within a decade through investment in infrastructure, industry, and education.

Question 6

Sato Eisaku -

Answer 6

A Japanese statesman and Prime Minister who won the Nobel Peace Prize for his efforts to promote regional stability and non-proliferation of nuclear weapons in Asia.

Question 7

Japan’s “Demographic Time-Bomb” -

Answer 7

A term used to describe Japan’s aging population and declining birthrate, which have led to concerns about the sustainability of the country’s social welfare system and economic growth.

Question 8

1960 Treaty Revision -

Answer 8

The revision of the US-Japanese Security Treaty in 1960, which sparked widespread protests in Japan and ultimately led to the resignation of Prime Minister Kishi Nobusuke.

Question 9

Japanese Socialist Party -

Answer 9

A left-leaning political party in Japan that has been a significant opposition force in the country’s politics since the end of World War II.

Question 10

Three Jewels of the Japanese employment system -

Answer 10

A term referring to the three main components of the traditional Japanese employment system: lifetime employment, seniority-based wages, and company unions.

Question 11

3 non-nuclear principles -

Answer 11

A set of principles adopted by the Japanese government that declare Japan’s commitment to not possessing, producing, or permitting the introduction of nuclear weapons into the country.