1)Something Asians put up when they have their pictures taken.
May stem from Winston Churchill flashing the Victory sign after WWII.
In Japan the sign may have also become popular because of the post-WWII Allied occupation of Japan. Janet Lynn may have popularized its use in amature photographs when in the 1972 Winter Olympics in Sapporo she fell, but still continued with a smile. Afterwards she flashed the V sign and the Japanese media eat it up.
2)A hand gesture in which the first and second fingers are raised and parted, whilst the remaining fingers are clenched. Generally considered a "Victory" sign, it can also carry connotations of "Peace" and "Defiance"
The Japanese school girls smiled for the camera while displaying the v sign.
1)"The 70s" peace symbol
A combination of the semaphore signals for the letters "N" and "D", standing for Nuclear Disarmament. In semaphore the letter "N" is formed by a person holding two flags in an upside-down "V", and the letter "D" is formed by holding one flag pointed straight up and the other pointed straight down. These two signals imposed over each other form the shape of the peace symbol (coincidentally, considering the organization for which it was created, resembling a stylized, skeletal missile). In the original design the lines widened at the edge of the circle.