Demographic history of Japan before the Meiji Restoration papers of the Shōsōin (8th century) and others, as well as remnants of specific periods. Since Kyōto (or Heian-kyō) became the capital of Japan in 794, it has been one of the most important cities in Japan. Hiraizumi and Kamakura flourished under Northern Fujiwara clans (during 12th century) and Kamakura shogunate (1192 to 1333), respectively. The urban area of Kyōto suffered from the Ōnin War (1467 to 1477) and split into two districts, but coalesced into a great city of more than 400,000 inhabitants after the end of Sengoku period. The Christian missionaries led by Francis Xavier reported that the
Capital flows in Japan but had returned to 11.8% in 1990. Capital flows in Japan Capital began to flow in and out of Japan following the Meiji Restoration of 1868, but policy restricted loans from overseas. In the aftermath of World War II, Japan was a debtor nation until the mid-1960s. Subsequently, capital controls were progressively removed, in part as a result of agreements with the United States. This process led to rapid expansion of capital flows during the 1970s and especially the 1980s, when Japan became a creditor nation and the largest net investor in the world. This credit position resulted both from