You'll hear people talk about the Edo Period (1603-1867), or the Heian Period (794-1185) when they discuss Japanese history. These eras are similar to discussing Renaissance Europe, or maybe Tudor England. The current period started in 1868, not long after Japan’s borders were opened.
Within each of these larger periods, time is divided by the reigns of various emperors. The current 平成 (Heisei) period started in 1989. This year, 2019, is the 31st year of the Heisei period. I was born in 1996, so when I’m filling out official documents I say I was born in the 8th year of Heisei.
On May 1st 2019, the current Emperor of Japan Akihito, is going to abdicate because of his health. When his son Naruhito accedes to the throne on May 1st, the Heisei period will end, and the next era will begin.
Today, the name of the new period was announced. So far as I know, the Japanese Imperial family has a similar role to the royal family of England: mostly ceremonial. The name of the era is written with two kanji (Chinese characters), the meaning of which embodies Japan’s hopes for the era. Heisei is made up of 平(hei) and 成 (sei). 平 means ‘peace’ or ‘balance.’ 成 means ‘to become.’ Thus, the Heisei era is about Japan’s desire to become peaceful and balanced.
The new era will be called 令和 (reiwa). According to both The Guardian and The Japan Times, the era name usually comes from traditional Chinese poetry, but reiwa was taken from the Man'yoshu, "the oldest existing anthology of Japanese poetry" (The Guardian).
My dictionary and an article by The Guardian both translate 令 (rei) as “command” or “decree,” though according to Japan Times it means something more like “fortunate.” 和 (wa) means “peace” or “harmony.” I would guess that 令和 means either a demand for peace, or peaceful fortune. Either way, Japan continues to value peace.
