By Norio Tamaki
In Japan, as in different components of the area, banking performs a vital position in financial improvement. learning key industries comparable to banking offers a big software for certainly knowing a rustic. This publication supplies that figuring out of Japan for the 1st time in English. It completely records jap banking in the course of a vital one-hundred years--from the outlet of her borders to the realm in 1859 via international wars--from which the japanese financial system ultimately emerged as some of the most robust worldwide forces.
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Additional resources for Japanese Banking: A History, 1859-1959 (Studies in Macroeconomic History)
Sample text
34 The emergence of 153 banks in three years was a prodigious achievement, although as will be seen it was only one side of the picture. From the outset of the Meiji Restoration, there was always the potential for inflation as large numbers of inconvertible government notes were constantly in circulation. However, until 1875, the rates of depreciation of the government notes were well below 1 per cent for gold specie yen and around 3 per cent for silver specie yen. The additional issue of national banknotes changed all that.
The bakufu ordered some one hundred houses of Japanese merchants from Edo, Kanagawa and Shimoda to open offices and shops in Yokohama. The only ryogae so designated was the house of Mitsui which was commissioned to fulfil several functions including financial services for the bakufu, to receive from western merchants proceeds of Japanese exports and to provide both for the Japanese and for the westerners paper currency of dollar denomination issued by the bakufu in Edo. 6 Captain Sherard Osborn, the Royal Navy commander on board the Furious, fully explained how it was: By the old laws of the Japanese Empire, the exportation of their currency, whether gold, silver, or copper, is strictly prohibited, and to insure it, no European is allowed to possess native coin.
Instead Mitsui was approached in December 1871, with the suggestion that they should send their men to America to 32 The Meiji Restoration learn more about western banking. 13 Further, in January 1872, Inoue and Shibusawa strongly urged Mitsui to concentrate upon banking. 14 The bank scheme had made good progress under the initiative of the Finance Ministry by February 1872, when the house of Ono proposed to set up their own bank as has already been discussed. The Finance Ministry, of course, declined Ono's proposal, but instead thought it more convenient for their bank plan to add Ono to Mitsui to make the bank more powerful.