Fukuda Doctrine
Takeo Fukuda was an expert in economics. He took on the role of an ‘economic prime minister’ under Miki's administration from 1974 to 1976. During this time, he established the Ministerial Conference on Economic Measures, enabling cross-ministry and agency talks on finance, wage and labor issues.
Fukuda subsequently became the 67th prime minister of Japan, lasting for only one term from 1976 to 1978. However, he was not forced out of office before he had gotten two major diplomatic reforms executed. Under Fukuda cabinet, Japan conducted an omnidirectional peace diplomacy, and signed Japan-China Treaty of Peace and Friendship in 1978. He pushed forward Japan's pacifistic position while making an effort to strengthen relations with Asian countries.
History of Japan
Emperor Akihito's reign began upon the death of his father, Emperor Hirohito. The economic bubble popped in 1989, and stock and land prices plunged as Japan entered a deflationary spiral. Banks found themselves saddled with insurmountable debts that hindered economic recovery. Stagnation worsened as the birthrate declined far below replacement level. The 1990s are often referred to as Japan's Lost Decade. Economic performance was frequently poor in the following decades and the stock market never returned to its pre-1989 highs. Japan's system of lifetime employment largely collapsed and unemployment rates rose. The faltering economy and several corruption scandals weakened the LDP's dominant political position. Japan was nevertheless governed by non-LDP prime ministers only in 1993–96 and 2009–12.