The San Francisco Peace Treaty, signed by 48 nations on September 8, 1951, officially ended Japan’s position as an imperial power, provided compensation to those who had suffered in Japan during the Second World War, and terminated the Allied post-war occupation of Japan. The treaty’s seven chapters and preamble marked the end of hostilities between the signatories and provided the foundation for the strong U.S.-Japan political alliance and important bilateral military relationship still in place today. The treaty required Japan to give up all special rights and privileges in China and accept the decisions of the International Military Tribunal for the Far East (IMTFE). Japan relinquished claim to Korea, Formosa and other territories and gave the U.S. control of the Ryukyu Islands (Okinawa). The agreement also provided for the revival of commercial treaties, including granting the Allied powers most-favored-nation (MFN) status. Other chapters regulated property claims, reparations and compensation, referred unresolved disputes to the International Court of Justice and defined the ratification process. Seven months after the signing of the treaty, Japan formally regained its sovereignty.