Yasuo Fukuda
Fukuda was born in Takasaki, Gunma, the eldest son of politician (later the 67th Prime Minister) Takeo Fukuda. He grew up in Setagaya, Tokyo, attending Azabu High School and graduating from Waseda University in 1959 with a degree in economics. After university, he joined Maruzen Petroleum (now part of the Cosmo Oil Company). He was only minimally involved in politics over the next seventeen years, working his way up to section chief as a typical Japanese "salaryman". He was posted to the United States from 1962-64. While his father Takeo Fukuda was prime minister from 1976–78, Yasuo became a political secretary. From 1978 to 1989, he was a director of the Kinzai Institute for Financial Affairs, serving as a trustee from 1986 onward.
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.