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The Nixon shock was the effect of a series of economic measures, including wage and price freezes, surcharges on imports, and the unilateral cancellation of the direct international convertibility of the United States dollar to gold, taken by United States President Richard Nixon on 15th August 1971 in response to increasing inflation.
In Japan during the 1970s, the economy was hit by the oil shock and the Nixon shock. Energy consumption dropped and industrial production increased. During the 1970s energy crisis , Japan introduced energy-saving measures and became a hub of miniaturization . [ 1 ]
The Okinawa Reversion Agreement (Japanese: 沖縄返還協定, Hepburn: Okinawa henkan kyōtei) was an agreement between the United States and Japan in which the United States agreed to relinquish in favor of Japan all rights and interests under Article III of the Treaty of San Francisco, which had been obtained as a result of the Pacific War, and thus return Okinawa Prefecture to Japanese ...
When Nixon first took office, Japanese prime minister Eisaku Satō undertook an all-out charm offensive to convince Nixon to authorize the return of Okinawa to Japanese control. [67] Satō's efforts bore fruit when he visited Washington at Nixon's invitation in November 1969, and in a joint communiqué signed by the two leaders, Nixon announced ...
After it was implemented, the embargo caused an oil crisis, or "shock", with many short- and long-term effects on the global economy as well as on global politics. [3] The 1973 embargo later came to be referred to as the "first oil shock" vis-à-vis the "second oil shock" that was the 1979 oil crisis , brought upon by the Iranian Revolution .
Stock market crash. The 1973–1974 stock market crash caused a bear market between January 1973 and December 1974. Affecting all the major stock markets in the world, particularly the United Kingdom, [1] it was one of the worst stock market downturns since the Great Depression, the other being the financial crisis of 2007–2008. [2]
In February 1972, US president Richard Nixon defied conventional foreign policy wisdom when he arrived in Beijing for a series of meetings with Chinese leader Mao Zedong, who also took a ...
The so-called Nixon "shock," involving the surprise visit to China by Richard Nixon and the sudden reconciliation in Sino-American relations, also argued for a more independent Japanese foreign policy.