Present day Japan is the successor of the Empire of Japan. The republic was established after the Revolution of 1946 and the defeat of the Empire of Japan in the Great Pacific War. Its territory are the Home Islands (also called Inner Japan or Inner Lands). It lost all previous territories of the Japanese Empire (Taiwan, Korea, Micronesia and possessions in China) under the terms of peace treaties and independence of these countries. However the Allied Council has allowed Japan to keep strong cultural and economical links with Micronesia.