Today, around 11:40, they announced the new name for the upcoming era in Japan. The name, they have chosen is: Reiwa. An explanation about the meaning can be read here

Suga, who displayed a placard showing off the kanji characters for the new era, said the name was formulated based on a poem from “Manyoshu,” the oldest existing compilation of Japanese poetry.

The first character represents “good fortune,” while the second can be translated as “peace” or “harmony.”

This was the first time that the characters chosen were taken from Japanese classical literature. Prior era names had used kanji from Chinese literature.

The poem in question described an ume Japanese apricot flower in full bloom in early spring after surviving a cold winter.

The new era will start on May 1, when Crown Prince Naruhito ascends to the Chrysanthemum Throne following the abdication of his father, Emperor Akihito, a day earlier.