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| 1947–48 |
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| The postwar economic recovery of Japan was extremely slow and heavily dependent on U.S. aid. To improve matters, the initial Allied policy of dissolving the large industrial combines was abandoned in 1948, and reparations from capital equipment were drastically reduced. Japan's future standard of living was set at the 1930–34 level. Beginning in April 1947, a limited resumption of private foreign trade was authorized, though by the end of 1948 Japan had regained only a small fraction of its former trade volume. To counteract the economic loss incurred from numerous strikes, Gen. MacArthur repeatedly imposed a ban on strikes. On Dec. 23, 1948, the Diet prohibited all strikes and collective bargaining by government employees. The initiative for Japan's economic revival came from the U.S., seconded by Great Britain. It met with opposition from Australia and China; they feared a powerful Japan as a threat to their future security. | 1 |
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| 1947, April |
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| Elections for both houses of the Diet returned a right-wing majority for the House of Councilors. In the House of Representatives, the Social Democrats received the largest number of seats. On May 23, the Diet elected Socialist Katayama Tetsu to head a coalition government. | 2 |
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| 1948, Feb. 7 |
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| The Katayama government resigned because of friction within the Socialist Party. A new coalition was formed by Democratic Party leader Ashida Hitoshi on March 9. | 3 |
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| March 15 |
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| A new right-wing opposition party, the Democratic Liberals, was formed under the leadership of former prime minister Yoshida. | 4 |
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| Oct. 7 |
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| When Prime Minister Ashida resigned following a scandal involving members of his cabinet, Yoshida Shigeru formed a Democratic Liberal government on Oct. 14. | 5 |
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| Nov. 12 |
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The international military tribunal sentenced to death T j Hideki and six others for major war crimes. Sixteen others were given life sentences. | 6 |
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