Lawmakers and business leaders plan to hold an event next fall to celebrate the ascension of the new Emperor, political sources have said.

The celebration will be one of a number of events held in 2019 after Crown Prince Naruhito accedes to the throne on May 1, ushering in a new era.

Emperor Akihito will abdicate on April 30 and a major enthronement ceremony for the new Emperor is scheduled to be held Oct. 22.