It was when the Japanese Empire surrendered in WW2. It symbolized the end of the war.
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VJ-Day (victory in japan day) its not entirely accurate
Victory over Japan (VJ day) came on August 15 1945
Victory over Japan Day
V stands Victory as in VE Day or Allied Victory in Europe. There is VJ Day or Allied Victory in Japan.
Victory in Europe - the end of the war against Germany. As opposed to VJ Day - Victory over Japan.