"During the 1972 Winter Olympics in Sapporo, figure skater Janet Lynn stumbled into Japanese pop culture when she fell during a free-skate period—but continued to smile even as she sat on the ice. Though she placed only 3rd in the actual competition, her cheerful diligence and indefatigability resonated with many Japanese viewers, making her an overnight celebrity in Japan. Afterwards, Lynn (a peace activist) was repeatedly seen flashing the V sign in the Japanese media. Though the V sign was known of in Japan prior to Lynn's use of it there, she is credited by some Japanese for having popularized its use in amateur photographs. Another possible origin stems from the post-WWII Allied occupation of Japan. It is possible the Japanese later adopted the gesture into their postwar popular culture from this exposure, regardless of whether or not they understood the meaning behind its original use.
Through the 1970s and 1980s in Japan, the V sign was often accompanied by a vocalization: "piisu!" This gairaigo exclamation, which stood for "peace", has since fallen into disuse, though the V sign itself remains steadfastly popular.
Perhaps due to Japanese cultural influence, the V sign in photographs has become popular with young Koreans, Hong Kongers, and Taiwanese as well. The sign is ubiquitous in Taiwan and is closely associated with the English word, "happy". Print and television advertisements read "happy" with hands waving while displaying the V sign, and the average Taiwanese person will invariably give that word as the meaning of the sign."
http://en.wikipedia.org/wiki/'V'_Sign
