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The holiday began in 1965, when a marshmallow maker started marketing to men that they should pay back the women who gave them chocolate and other gifts with marshmallows. Originally it was called marshmallow day, and later it was changed to White Day.
Soon, the chocolate companies started realizing that they could capitalize as well on this day, and began marketing white chocolate. Now, Japanese men give marshmallows, white chocolate, as well as non-white, edible and non-edible gifts to the women who were kind enough to think of them and give them chocolate on Valentine's Day a month prior.