CASE FILES
Sources of Figures and Data
Shōwa Financial Crisis 1927
Sources of Figures and Data
This is a list of where the figures in the diagrams and text come from. Click on a heading to open it.
Read moreNumerical Ledger (11 items)
Approx. 37 millionyenDeposits at the Tōkyō Watanabe Bank (statement by Finance Minister Kataoka)Imperial Diet Minutes 1927 Statement 15
Approx. 337,000yenTōkyō Watanabe Bank's clearing balance deficitOne Hundred Year History of the Bank of Japan, Vol. 3 p. 170, note 4
430.82 millionyenAmount of discounted earthquake bills (cumulative)One Hundred Year History of the Bank of Japan, Vol. 3 p. 91, Table 2-8
206.80 millionyenOutstanding balance of earthquake bills held by commercial banksOne Hundred Year History of the Bank of Japan, Vol. 3 p. 97
227.97 million → 630.07 million (2.8 times)yenBank of Japan lending (first wave of turmoil)One Hundred Year History of the Bank of Japan, Vol. 3 p. 173, Table 4-2
601.82 million (57% increase from the previous day)yenOne-day increase in Bank of Japan loansHundred-Year History of the Bank of Japan, Vol. 3 pp. 178-179, Table 4-3
19 to 11votesVote at the plenary session of the Privy CouncilHundred-Year History of the Bank of Japan, Vol. 3 p. 183, Note 26
21 days; payments of deposits of 500 yen or less per day excludeddays/yenMoratorium period and exclusionsOfficial Gazette 1927 Article 1, Article 2
114 banks, 761.92 millionyenSpecial financing under the Indemnity ActHundred-Year History of the Bank of Japan, Vol. 3 p. 251, Table 4-24
31 banks (excluding the Bank of Taiwan)banksBanks that suspended operations during the financial crisisHundred-Year History of the Bank of Japan, Vol. 3 p. 217
1,537 (1925) → 782 (1930) → 538 (1932)banksNumber of ordinary banks (year-end)Hundred-Year History of the Bank of Japan, Vol. 3 p. 217, Table 4-19
Read moreSource of the figures in the chart
| Figure | What the figure represents | Value | Date/Period | Source and location |
|---|---|---|---|---|
| Figure 1 | Outstanding loans from the Bank of Japan (March–April 1927) | 228 | 1927-03-14 | Hundred-Year History of the Bank of Japan, Vol. 3 Table 4-2, Table 4-3 |
| Figure 1 | Outstanding loans from the Bank of Japan (March–April 1927) | 301 | 1927-03-19 | Hundred-Year History of the Bank of Japan, Vol. 3 Table 4-2, Table 4-3 |
| Figure 1 | Outstanding loans from the Bank of Japan (March–April 1927) | 536 | 1927-03-22 | Hundred-Year History of the Bank of Japan, Vol. 3 Table 4-2, Table 4-3 |
| Figure 1 | Outstanding loans from the Bank of Japan (March–April 1927) | 630 | 1927-03-23 | Hundred-Year History of the Bank of Japan, Vol. 3 Table 4-2, Table 4-3 |
| Figure 1 | Outstanding loans from the Bank of Japan (March–April 1927) | 539 | 1927-03-31 | Hundred-Year History of the Bank of Japan, Vol. 3 Table 4-2, Table 4-3 |
| Figure 1 | Outstanding loans from the Bank of Japan (March–April 1927) | 506 | 1927-04-08 | Hundred-Year History of the Bank of Japan, Vol. 3 Table 4-2, Table 4-3 |
| Figure 1 | Outstanding loans from the Bank of Japan (March–April 1927) | 581 | 1927-04-16 | Hundred-Year History of the Bank of Japan, Vol. 3 Table 4-2, Table 4-3 |
| Figure 1 | Outstanding loans from the Bank of Japan (March–April 1927) | 870 | 1927-04-18 | Hundred-Year History of the Bank of Japan, Vol. 3 Table 4-2, Table 4-3 |
| Figure 1 | Outstanding loans from the Bank of Japan (March–April 1927) | 1,063 | 1927-04-20 | Hundred-Year History of the Bank of Japan, Vol. 3 Table 4-2, Table 4-3 |
| Figure 1 | Outstanding loans from the Bank of Japan (March–April 1927) | 1,665 | 1927-04-21 | Hundred-Year History of the Bank of Japan, Vol. 3 Table 4-2, Table 4-3 |
| Figure 1 | Outstanding loans from the Bank of Japan (March–April 1927) | 2,096 | 1927-04-25 | Hundred-Year History of the Bank of Japan, Vol. 3 Table 4-2, Table 4-3 |
| Figure 1 | Outstanding loans from the Bank of Japan (March–April 1927) | 1,484 | 1927-04-30 | Hundred-Year History of the Bank of Japan, Vol. 3 Table 4-2, Table 4-3 |
| Figure 2 | Statement by Finance Minister Kataoka | — | 1927-03-14 | Minutes of the Imperial Diet 1927 |
| Figure 2 | Tokyo Watanabe Bank suspends business | — | 1927-03-15 | Centennial History of the Bank of Japan, Vol. 3 |
| Figure 2 | Two laws on earthquake bills are passed | — | 1927-03-23 | Centennial History of the Bank of Japan, Vol. 3 |
| Figure 2 | Bank of Taiwan refuses to increase loans to Suzuki Shoten | — | 1927-03-26 | Centennial History of the Bank of Japan, Vol. 3 |
| Figure 2 | Suzuki Shoten halts new transactions | — | 1927-04-05 | Centennial History of the Bank of Japan, Vol. 3 |
| Figure 2 | Privy Council rejects the Bank of Taiwan bailout plan. The Cabinet resigns. | — | 1927-04-17 | Centennial History of the Bank of Japan, Vol. 3 |
| Figure 2 | Bank of Taiwan and Ōmi Bank suspend business | — | 1927-04-18 | Centennial History of the Bank of Japan, Vol. 3 |
| Figure 2 | Fifteenth Bank suspends business | — | 1927-04-21 | Centennial History of the Bank of Japan, Vol. 3 |
| Figure 2 | Moratorium Ordinance (21 days) | — | 1927-04-22 | Centennial History of the Bank of Japan, Vol. 3 p.180 |
| Figure 2 | Lifting of the moratorium | — | 1927-05-13 | Centennial History of the Bank of Japan, Vol. 3 |
| Figure 3 | Number of ordinary banks (year-end) | 1,537 | 1925 | Hundred-Year History of the Bank of Japan, Vol. 3 Table 4-19 |
| Figure 3 | Number of ordinary banks (year-end) | 1,420 | 1926 | Hundred-Year History of the Bank of Japan, Vol. 3 Table 4-19 |
| Figure 3 | Number of ordinary banks (year-end) | 1,283 | 1927 | Hundred-Year History of the Bank of Japan, Vol. 3 Table 4-19 |
| Figure 3 | Number of ordinary banks (year-end) | 1,031 | 1928 | Hundred-Year History of the Bank of Japan, Vol. 3 Table 4-19 |
| Figure 3 | Number of ordinary banks (year-end) | 881 | 1929 | Hundred-Year History of the Bank of Japan, Vol. 3 Table 4-19 |
| Figure 3 | Number of ordinary banks (year-end) | 782 | 1930 | Hundred-Year History of the Bank of Japan, Vol. 3 Table 4-19 |
| Figure 3 | Number of ordinary banks (year-end) | 683 | 1931 | Hundred-Year History of the Bank of Japan, Vol. 3 Table 4-19 |
| Figure 3 | Number of ordinary banks (year-end) | 538 | 1932 | Hundred-Year History of the Bank of Japan, Vol. 3 Table 4-19 |
| Figure 4 | Earthquake Bills. 206.80 million yen were outstanding at the end of 1926. | — | September 1923 - December 1926 | — |
| Figure 4 | The first bank run. 11 banks suspended operations. | — | March 15–23, 1927 | — |
| Figure 4 | Suspension of the Jūgo Bank and the 21-day moratorium on payments. | — | April 21-25, 1927 | — |
| Figure 4 | 761.92 million yen to 114 banks. The number of ordinary banks was 538 at the end of 1932. | — | May 1927–1932 | — |
Read moreWhat are the sources?
The wording of the response was confirmed in the text of the Minutes of the Imperial Diet (Budget Committee, 9th session, statement 15, minutes p. 18). The dates of promulgation and enforcement of the Moratorium Ordinance (Imperial Ordinance No. 96), the Act on Special Financing and Indemnification of Losses by the Bank of Japan (Act No. 55), and the Banking Act have been verified by visually checking the images of the Official Gazette at the National Diet Library.
The process and figures are based on the Centennial History of the Bank of Japan, Volume 3, in the sections on the Financial Crisis (pp. 169-183), Earthquake Bills (pp. 87-98), and the pages on Bank Mergers and Special Loans (pp. 216-217, 249-251). The Centennial History cites the detailed report from the Ministry of Finance, materials from the Bank of Japan's Business Department, and newspapers of the time. I have visually confirmed the numbers from the PDF images. There is a discrepancy regarding the bank closures on March 22: the main text lists 4 banks, while Table 4-1 lists 6 banks; both are shown here. The actual records of the Privy Council's proceedings and evaluations by external researchers have not yet been registered.
Official Documents
- 52nd Imperial Diet, House of Representatives, Budget Committee, 9th Meeting, March 14, 1927 (Statement by Finance Minister Kataoka Naoharu)
- Official Gazette, Extra, April 22, 1927 (Imperial Ordinance No. 96 concerning the Postponement of Payment of Monetary Obligations under Private Law and the Extension of the Period for Acts to Preserve Rights on Bills, etc.)
- Official Gazette, Extra, May 9, 1927 (Law No. 55, Bank of Japan Special Accommodations and Loss Compensation Law; Law No. 56, Law Concerning Financing for Financial Institutions in Taiwan)
- Official Gazette, March 30, 1927 (Law No. 21, Banking Act)
- Official Gazette, November 16, 1927 (Imperial Ordinance No. 326, Effective Date of the Banking Act and other laws)
Institutional Accounts
- Centennial History of the Bank of Japan, Vol. 3, Chapter 5: Post-War Economic Turmoil and the Quest for Lifting the Gold Embargo (2. The Great Kantō Earthquake and Special Accommodations, 4. The Financial Crisis of 1927)
- Bank of Japan Convertible Note, Series B 200 Yen ('Urajiro-satsu' with blank reverse)
- Centennial History of the Bank of Japan, Vol. 5, Chapter 3: The Bank of Japan during the Post-War Reconstruction Period, 1.(6) Emergency Financial Measures
Was the bank closure already decided at the time of the statement?
Detailed Report from the Ministry of Finance (March 15, 1927)
Around 1:20 PM, the senior managing director reported the suspension of payments. Later, around 3:00 PM, they settled the clearing balance and decided to close from the next day.
Centennial History of the Bank of Japan, Volume 3Bank of Japan records from the time
They settled the clearing balance around 2:00 PM and continued business as usual until around 4:00 PM. Due to the circulation of the Minister's statement, they closed from the next day.
Centennial History of the Bank of Japan, Volume 3Kataoka Naoharu (later explanation)
I made the statement because a representative came to the ministry and announced they would suspend payments. It was not a slip of the tongue.
Centennial History of the Bank of Japan, Volume 3Read moreReferences (8)
- 52nd Imperial Diet, House of Representatives, Budget Committee, 9th Meeting, March 14, 1927 (Statement by Finance Minister Kataoka Naoharu) Minutes of the Imperial Diet — National Diet Library, Imperial Diet Minutes Search System・1927-03-14・Open document
- Centennial History of the Bank of Japan, Vol. 3, Chapter 5: Post-War Economic Turmoil and the Quest for Lifting the Gold Embargo (2. The Great Kantō Earthquake and Special Accommodations, 4. The Financial Crisis of 1927) Centennial History of the Bank of Japan, Vol. 3 — Centennial History of the Bank of Japan Compilation Committee (Bank of Japan)・Open document
- Official Gazette, Extra, April 22, 1927 (Imperial Ordinance No. 96 concerning the Postponement of Payment of Monetary Obligations under Private Law and the Extension of the Period for Acts to Preserve Rights on Bills, etc.) Official Gazette — Ministry of Finance Printing Bureau (National Diet Library Digital Collections)・1927-04-22・Open document
- Official Gazette, Extra, May 9, 1927 (Law No. 55, Bank of Japan Special Accommodations and Loss Compensation Law; Law No. 56, Law Concerning Financing for Financial Institutions in Taiwan) Official Gazette — Ministry of Finance Printing Bureau (National Diet Library Digital Collections)・1927-05-09・Open document
- Official Gazette, March 30, 1927 (Law No. 21, Banking Act) Official Gazette — Ministry of Finance Printing Bureau (National Diet Library Digital Collections)・1927-03-30・Open document
- Official Gazette, November 16, 1927 (Imperial Ordinance No. 326, Effective Date of the Banking Act and other laws) Official Gazette — Ministry of Finance Printing Bureau (National Diet Library Digital Collections)・1927-11-16・Open document
- Bank of Japan Convertible Note, Series B 200 Yen ('Urajiro-satsu' with blank reverse) National Printing Bureau, Banknote & Postage Stamp Museum — National Printing Bureau, Incorporated Administrative Agency・Open document
- Centennial History of the Bank of Japan, Vol. 5, Chapter 3: The Bank of Japan during the Post-War Reconstruction Period, 1.(6) Emergency Financial Measures Centennial History of the Bank of Japan, Vol. 5 — Centennial History of the Bank of Japan Compilation Committee (Bank of Japan)・Open document
Price
After purchase, the full courses, the illustrated books, every country’s story and the numismatics examination are open to you.
See the price →