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Abstract
MARK
METZLER
American Pressure for Financial Internationalization in
Japan on the Eve of the Great Depression
The Hamaguchi
cabinet’s restoration of the gold standard in January 1930 meant Japan’s
coming into conformity, after many delays, with the monetary “global
standard” of the day; this liberal achievement turned into one of the
worst economic policy disasters in Japan’s modern history. American
gaiatsu emanating from Wall Street’s J. P. Morgan and Co. was central
to this decision. A close look at this interaction reveals Japan’s
financial embeddedness in the newly American-centered international
economic order of the 1920s. The collapse of that order formed the
context of the subsequent nationalist reaction.
Volume 28, Number 2 (Summer
2002)
© 2002 Society for Japanese Studies
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