By Shinji Ogura (auth.)
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Extra info for Banking, the State and Industrial Promotion in Developing Japan, 1900–73
Guaranty Co. ), Shasai Ichiran (List of Corporate Bonds) (Tokyo: Industrial Bank of Japan, 1970). 19 20 Banking, the State and Industrial Promotion guaranteed by the British Government and at a much lower rate of interest than we could market the bonds here. We understand that the proceeds of this loan are to be used in part for funding other short-term loans. 45 Mitsui Bank continued to step up its loans in the years after the recession of 1920, and many of the country’s largest companies were among its major borrowers.
17 The yen continued to depreciate in 1932, bringing the bank handsome foreign exchange earnings thanks to its enormous overbought position in pounds sterling, but simultaneously its bad debt problem became more serious. 18 This new problem, coupled with the effects of the 40 Banking, the State and Industrial Promotion domestic depression, drove the power companies into financial difficulty. Tokyo Electric Light failed in its bid to convert its domestic bonds (worth 40 million yen and maturing at the end of October 1932) because of a shrinkage of the domestic bond market.
12 In the second half of 1931 the bank became even more enthusiastic about purchasing British Exchequer Bills to increase the shortterm utilization of otherwise idle funds. For most of these purchases the bank used pounds sterling obtained in exchange for dollars secured in the purchase of export bills destined for the US. 5 times the amount purchased during the first half of the year. 13 To increase its returns from the investment by avoiding the exchange risks involved in the purchase of British Exchequer Bills, the bank made forward sales exchange contracts amounting to $16 330 000 instead of the equivalent amount in pounds sterling when it purchased the bills.