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Chapter 540 Demanding Accounts

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    With the end of the Japan-UK alliance, Japan's control in the Asia-Pacific is in danger of being diluted by Britain and the United States.  In particular, the "opening of the door" forced Liaodong, which was originally its own backyard, to "open" to the United States and other countries. This is Japan's shame and a major issue that makes Japan panic.

    Since the Boxer Compensation, Japan has become the largest power in Asia. During the First World War, the old Western colonial countries had no time to look eastward. This not only provided space for Japan's aggressive expansion policy, but also brought great consequences to Japan's economy.  The "war boom".

    Starting from the summer of the second year of the war, Japan's trade exports surged and shipping was extremely prosperous. These created opportunities for development and prosperity for the export industry, shipbuilding industry, and basic and related industries including mining, making various industrial sectors  expanded rapidly.  The entire manufacturing industry increased by more than 30 times, and the chemical industry increased by more than 96 times. In the second half of 1918, the profit rate of major industries reached 55.2%, which was as high as 191.6% in certain periods, and the shipbuilding industry also reached 166.6%.

    Through the First World War, Japan became a superpower from a long-term population superpower since Meiji, and its industrial structure also changed from an agricultural country before the war to an industrial country.  Before the war, its agricultural output value accounted for 45.1% of its gross national product, and its industrial output value accounted for 44.5%. At the end of the war, its agricultural output value dropped to 35.1%, and its industrial output value rose to 56.8%.

    At the same time, a group of "war upstarts" made huge war fortunes and grew into "new plutocrats", and monopoly capital further developed.

    The ¡°war boom¡± ended with the end of the war, followed by half a year of economic depression.  The second year after the war, there was another "crazy boom" that lasted for about a year and was better than the wartime. However, this post-war prosperity could not be sustained, and in the spring of 1920, a real post-war economic crisis occurred.  The crisis was profound and had wide-reaching consequences, with stock prices plummeting, companies closing, bank runs, and the economy depressed.

    The Japanese government raised and issued relief financial loans, and after about half a year of efforts, the crisis eased. However, except for the "intermediate boom" in 1921, the Japanese economy never experienced prosperity again, and the stagnation continued until the Taisho era.  end.

    So on the surface, the arms limitation treaty gives Japan the green light to become a naval power. However, due to economic conditions, its naval expansion only remains on paper.

    In this case, tightening monetary policy, investing capital back into the country, and increasing exports are the only ways to get out of the crisis.  Since 1921, Japan has continuously urged the central government to repay the principal and interest of the "Nishihara Loan".

    In fact, the Japanese government¡¯s money-spreading ¡°soft policy¡± operated by Nishihara also has Japan¡¯s own needs behind it.  Since World War I, although Japan has nominally participated in the war, it has not used a single soldier except to take advantage of the situation and occupy Qingdao. The capture of Qingdao and Shandong is a transaction with a small cost and huge profit.

    Japan, which has no need to contribute, can take advantage of the time when the European powers have no time to look around to expand its market share in China. At the same time, it can also take advantage of the warring countries to engage in large-scale business and make a lot of money in the war.  Japan is actually in a similar situation to the United States.  It¡¯s just that the United States later sent troops to Europe on a large scale, while Japan ended a small war and became a supplier from then on.

    Therefore, over the past few years, Japan has made some windfall fortunes.

    Chief Katsuda of the temple cabinet said that due to the war in Japan at that time, "the situation was extremely prosperous, with huge trade surpluses every year. At the same time, in terms of international lending, there was a surplus of funds in the domestic financial sector.  There are huge settlement overcharges and a large amount of coins accumulated, which jeopardizes the exchange of foreign exchange funds.

    If left unchecked for a long time, the economy will become seriously imbalanced, and the result will inevitably lead to a situation where the future of the national economy is worrying." In order to solve the problem of excess funds, Japan has only two options, one is to step up foreign investment, and the other is to make profits  Borrowing. Obviously, in this kind of borrowing, not only economic accounts can be settled, but also political accounts can be settled.

    ¡°This kind of tolerant policy marked by borrowing has very sinister intentions hidden behind it.

    In Nishihara¡¯s own words, the purpose of borrowing money is to lay a common economic foundation for Sino-Japanese relations.  That is, by borrowing a large amount of Japanese yen and injecting it into China's national banks such as the Bank of Communications, by helping China rectify its finances and reform its currency system, it will gradually achieve "Japan-China currency mixing" and even eventually "in the name of protecting funds", the Japanese military will be stationed.  State Bank of China.  That is, not only in terms of funds, but also through military control, they fundamentally control China's finance, and then control the lifeblood of the entire Chinese country.

    Masatoshi Terauchi once proudly said that through Nishihara¡¯s borrowing, Japan¡¯s political and economic privileges were ¡°more than ten times the twenty-one¡±!

    According to his own statistics, Nishihara borrowed money during the period of the temple cabinet.?But regardless of the rights and wrongs, he couldn't explain it to the country if he couldn't solve the problem.  He couldn't help but said to Zhang Zuolin: "Marshuai Zhang, you should know what kind of turmoil will be caused in Japan if this loan cannot be recovered?"

    Zhang Zuolin responded: "You know, you shouldn't have signed such a contract in the first place. Now you know how difficult it is, right? In our country, a group of people who agreed to sign the treaty have now stepped down."

    The people are not afraid of death, so why should they be afraid of death?  At this point, from a politician's perspective, he even said "step down", it couldn't be any more serious.  Xiaoban had no choice but to go back early and discuss with people at home how to deal with the aftermath.

    At that time, Powell, the editor-in-chief of the Miller Review, an English-language newspaper published by Americans in Shanghai, interviewed Zhang Zuolin.  After the American returned home, he also expressed his respect for the marshal who came from a humble background in his memoirs.  He believed that although Northeast China had been under the iron heel of Japanese warlords for a long time, Zhang Zuolin was worthy of being a patriotic Chinese¡ª¡ª

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