It was the day of Emperor Hirohito's radio broadcast to the Japanese people announcing Japan's defeat, and followed on from the atomic bombs Little Boy dropped on Hiroshima on 6 August and Fat Man on Nagasaki on 9 August. Since Japan was the last Axis Power to surrender and VJ Day followed VE Day by three months, VJ Day marked the end of World War II.
The formal Japanese surrender in fact took place on board the battleship USS Missouri on 2 September 1945.