Business Cycles in Post-War Japan

Shigeto Tsuru
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Shigeto Tsuru: Hitotsubashi University

A chapter in The Business Cycle in the Post-War World, 1955, pp 178-200 from Palgrave Macmillan

Abstract: Abstract Defeat in total war left the Japanese economy in a state of near-breakdown. Although Japan escaped the kind of devastation that necessarily accompanies modern land warfare, it is estimated that approximately one-fourth of her pre-war reproducible wealth was destroyed. The sudden termination of the war disrupted the economic control mechanism and for a while conditions were almost chaotic. During the short month between the surrender and effective occupation control, the unrestrained use of the war budget (a 40 per cent increase in notes in circulation between the middle and the end of August 1945, to the amount of 12 billion yen, at a time when the estimated monthly rate of national income was 11.6 billion yen) together with the dissipation of important stocks of raw materials in government hands, created inflationary conditions of a kind which made the subsequent control of inflation extremely difficult.

Date: 1955
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Persistent link: https://EconPapers.repec.org/RePEc:pal:intecp:978-1-349-08437-1_9

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DOI: 10.1007/978-1-349-08437-1_9

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