1973 oil crisis
During this time, many other problems arose. These problems badly affected the economy of the world. The problems continued even after 10 years until the early 1980s. The higher oil prices continued until 1986. Japan did well soon after the 1973 oil crisis. For example, Japanese companies started manufacturing automobiles that used less oil to run. Soon many other automobile companies in different countries also started to manufacture automobiles that used less oil to run. The Japanese also began focusing on producing electronics such as transistor radios and televisions. This production is what helped the Japanese economy to bounce back after the shock of the oil crisis.