Shōwa financial crisis
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The Shōwa Financial Crisis (昭和金融恐慌, Shōwa Kin'yū 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
.
The Shōwa Financial Crisis occurred after the post–
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
Sources
- Smitka, 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.