ABSTRACT
The 1956 Economic White Paper began with the phrase "the postwar period is over." Nothing captured the imagination of the Japanese people better than those words. It was a signal to begin the process of Japan's unfettered economic expansion that lasted well into the early 1990s. From 1955 to the end of the 1960s the annual growth rate in GNP was generally registered in the double digits. In the 1970s Japan faced head-on the challenges brought about by the two oil crises. For example, in 1974, the country faced a serious inflation. The nominal growth rate of its GDP was 19.3 percent, but in real terms, it was-1 percent. However, through rationalization and reduced use of energy, the country emerged even stronger economically. In the 1980s Japan became the world's largest creditor nation. Her multi-national industries were found in every comer of the world. She experienced trade surplus against all industrialized nations, with deficit registered only against oil-exporting nations.
