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The Shōwa Financial Crisis occurred after the post–World War I business boom in Japan. Many companies invested heavily in increased production capacity in what proved to be an economic bubble. The post-1920 economic slowdown and the Great Kantō earthquake of 1923 caused an economic depression, which led to the failures of many businesses. The government intervened through the Bank of Japan by issuing discounted "earthquake bonds" to overextended banks. In January 1927, when the government proposed to redeem the bonds, rumor spread that the banks holding these bonds would go bankrupt. In the ensuing bank run, 37 banks throughout Japan (including the Bank of Taiwan), and the second-tier zaibatsu Suzuki Shoten, went under.[1] Prime Minister Wakatsuki Reijirō attempted to have an emergency decree issued to allow the Bank of Japan to extend emergency loans to save these banks, but his request was denied by the Privy Council, and he was forced to resign.
Wakatsuki was succeeded by Prime Minister Tanaka Giichi, who managed to control the situation with a three-week bank holiday and the issuance of emergency loans; however, as a result of the collapse of many smaller banks, the large financial branches of the five great zaibatsu houses dominated Japanese finances until the end of World War II.
Smitka, Michael (1998). The Interwar Economy of Japan : Colonialism, Depression, and Recovery, 1910-1940. Routledge. ISBN0-8153-2706-4.
Yamamura, Kozo (1998). The Economic Emergence of Modern Japan. Vol. 1. Cambridge University Press. ISBN0-521-58946-0.
August 29, 2023
shōwa, financial, crisis, this, article, includes, list, references, related, reading, external, links, sources, remain, unclear, because, lacks, inline, citations, please, help, improve, this, article, introducing, more, precise, citations, july, 2015, learn,. This article includes a list of references related reading or external links but its sources remain unclear because it lacks inline citations Please help to improve this article by introducing more precise citations July 2015 Learn how and when to remove this template message You can help expand this article with text translated from the corresponding article in Japanese January 2021 Click show for important translation instructions View a machine translated version of the Japanese article Machine translation like DeepL or Google Translate is a useful starting point for translations but translators must revise errors as necessary and confirm that the translation is accurate rather than simply copy pasting machine translated text into the English Wikipedia Consider adding a topic to this template there are already 3 499 articles in the main category and specifying topic will aid in categorization Do not translate text that appears unreliable or low quality If possible verify the text with references provided in the foreign language article You must provide copyright attribution in the edit summary accompanying your translation by providing an interlanguage link to the source of your translation A model attribution edit summary is Content in this edit is translated from the existing Japanese Wikipedia article at ja 昭和金融恐慌 see its history for attribution You should also add the template Translated ja 昭和金融恐慌 to the talk page For more guidance see Wikipedia Translation The Shōwa Financial Crisis 昭和金融恐慌 Shōwa Kin yu Kyōkō was a financial panic in 1927 during the first year of the reign of Emperor Hirohito of Japan and was a foretaste of the Great Depression It brought down the government of Prime Minister Wakatsuki Reijirō and led to the domination of the zaibatsu over the Japanese banking industry Bank run during the Shōwa Financial CrisisThe Shōwa Financial Crisis occurred after the post World War I business boom in Japan Many companies invested heavily in increased production capacity in what proved to be an economic bubble The post 1920 economic slowdown and the Great Kantō earthquake of 1923 caused an economic depression which led to the failures of many businesses The government intervened through the Bank of Japan by issuing discounted earthquake bonds to overextended banks In January 1927 when the government proposed to redeem the bonds rumor spread that the banks holding these bonds would go bankrupt In the ensuing bank run 37 banks throughout Japan including the Bank of Taiwan and the second tier zaibatsu Suzuki Shoten went under 1 Prime Minister Wakatsuki Reijirō attempted to have an emergency decree issued to allow the Bank of Japan to extend emergency loans to save these banks but his request was denied by the Privy Council and he was forced to resign Wakatsuki was succeeded by Prime Minister Tanaka Giichi who managed to control the situation with a three week bank holiday and the issuance of emergency loans however as a result of the collapse of many smaller banks the large financial branches of the five great zaibatsu houses dominated Japanese finances until the end of World War II References Edit 新聞記事文庫 da lib kobe u ac jp Retrieved 2022 11 05 Sources EditSmitka Michael 1998 The Interwar Economy of Japan Colonialism Depression and Recovery 1910 1940 Routledge ISBN 0 8153 2706 4 Yamamura Kozo 1998 The Economic Emergence of Modern Japan Vol 1 Cambridge University Press ISBN 0 521 58946 0 Retrieved from https en wikipedia org w index php title Shōwa financial crisis amp oldid 1128364090, wikipedia, wiki, book, books, library,
