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In 1977, the second oil shock occurred.
It brought the world economy big confusion.
In 1989, the Berlin wall was broken.
It means the end of the Cold War in politics and the start of deflation in economy.
In Japan, the name of the era changed from Showa to Heisei.
Japan had the peak of bubble economy and after the year it had been suffering from the bad depression.
We call it “the Lost Decade”.