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Central Banks and GoldHow Tokyo, London, and New York Shaped the Modern World$
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Simon James Bytheway and Mark Metzler

Print publication date: 2016

Print ISBN-13: 9781501704949

Published to Cornell Scholarship Online: May 2017

DOI: 10.7591/cornell/9781501704949.001.0001

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Japan Emerges as an International Creditor, 1915–1918

Japan Emerges as an International Creditor, 1915–1918

(p.48) 3 Japan Emerges as an International Creditor, 1915–1918
Central Banks and Gold

Simon James Bytheway

Mark Metzler

Cornell University Press

This chapter discusses the international surge of Japanese credit creation during the war, when Japan emerged, briefly and “prematurely,” as one of the world's top three creditor countries. Tokyo financial groups lent to Britain and France, as well as to Russia and China. Simultaneously, Japanese central bankers began to build the institutional infrastructure of an international credit center. This initiative was relatively unsuccessful. It did, however, herald the beginning of a structural shift. The chapter also looks at two parastatal banks—the Yokohama Specie Bank and the Industrial Bank of Japan—which functioned as a designated foreign exchange bank and a long-term industrial-investment bank, and their key roles in the administration of Japan's capital imports and exports. They were established to realize national policy goals, to mobilize domestic funds, and to build Japan's standing in international finance.

Keywords:   Tokyo financial groups, Japanese central bankers, international credit center, Yokohama Specie Bank, Industrial Bank of Japan

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