The first oil shock (first oil crisis)
The oil shock, began in 1973 and 1979 (peak in 1980), is a world of economic turmoil.
Situation leading to the generation
The rise in oil prices threatened the economy of the industrial country which came depending on Middle Eastern oil in an energy source. Japan which I reach an energy revolution after the 1960s, and replaced an energy source with oil hits the economy that was about to recover itself from Nixon shock (dollar shock) directly. Rapid inflation occurred by the land prices sudden rise by the chain of islands remodeling boom from the last year, but inflation will be accelerated more by the opportunistic price hikes that occurred successively by an oil crisis.Then Japan was not concerned with Middle Eastern politics deeply and had not supported Israel directly and was a neutral situation. However, because concluded a strong alliance with the United States of America which was the greatest Israeli support nation.
Impact on Japan
November 16, 1973, Cabinet approved the oil emergency guidelines, "total demand restraint measures" are taken. Rose 23% in 1974 in the consumer price index of Japan, coined the "frenzy prices" until born. Raising the discount rate is made for inflation suppression, inhibit policy was taken and corporate capital investment. A result, experienced for the first time after the war that 1974, high economic growth came to an end here.
Komiya Ryutaro economists, have delayed tightening and subsequent monetary policy excesses of the oil shock front of the Bank of Japan has run a wage increase and product price increases and companies, and labor unions about the "frenzy prices".
1.Public Works
Construction of new Shinkansen lines were significantly delayed.
2. Production division
From lack of paper resources, number olator. Early off of the neon sign. pages of comic books and weekly magazines are reduced across the board, it is the number of booklet about. Books be unwieldy for made number of rows and is increased in order to reduce and to fit many Peji-nai the characters in the book, to think from the book situation in the 21st century has been published.
3.Avoidance of waste fuel
Construction of new Shinkansen lines is significantly delayed, traffic situation has changed greatly upon completion. In addition, construction of the Seto Ohashi Bridge has become in 1975.Has been and treatment of such advance of the last train in the railway operators.
4.Commitment to energy conservation
Stops operating department store escalator. Early off of the neon sign. Sunday closed gas station.Has been and treatment of such advance of the last train in the railway operators.
5.Total industry
Employment adjustment (new adoption of the stop, such as reduction of overtime hours).Is I proceed. Direct from indirect financing became a financial (such as shares).
The rise in oil prices threatened the economy of the industrial country which came depending on Middle Eastern oil in an energy source. Japan which I reach an energy revolution after the 1960s, and replaced an energy source with oil hits the economy that was about to recover itself from Nixon shock (dollar shock) directly. Rapid inflation occurred by the land prices sudden rise by the chain of islands remodeling boom from the last year, but inflation will be accelerated more by the opportunistic price hikes that occurred successively by an oil crisis.Then Japan was not concerned with Middle Eastern politics deeply and had not supported Israel directly and was a neutral situation. However, because concluded a strong alliance with the United States of America which was the greatest Israeli support nation.