The name of the new era will be "令和(Reiwa)," which is pronounced [lay-wa] in English. In Japan, we use the Western, or Gregorian calendar, as well as era names based on the reigns of the emperors. The present era is "Heisei," but it will change soon when we have the new Emperor on the first of May. The name of the new era was announced by the government on the first of April. Those Japanese era names are called "Gengo". Gengo system began in the middle of the seventh century, when the Emperor established the stable power in Japan.
Every era has its defining feature. The Meiji Era(1868-1912)was the time after the long Samurai period, and they struggled to build modern Japan. The Taisho Era(1912-1926) was short but filled with the air of democracy. During the long Showa Era(1926-1989), Japan experienced World War Two, rapid economic growth, and then the bubble economy. While we've been living in the Heisei Era for 30 years(1989-2019), the bubble collapsed. and then some big natural disasters hit Japan. Still, it was good that there was no war.
What will Reiwa Era be? I hope it will be a beautifully harmonized one like the two Kanji letters mean.