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Historical background

Published online by Cambridge University Press:  03 February 2010

Norio Tamaki
Affiliation:
Keio University, Tokyo
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Summary

The political upheaval of 1881 reaffirmed the dominance of the ‘Satsuma–Choshu clique’ which remained in power in Japan for more than thirty years. The opposition, which consisted of the popular Freedom and People's Right Movement and included ex-samurai dissentients and farmers suffering in the deflation, was quickly suppressed. The oligarchs drew up their political agenda, based upon the Prussian model. In 1885 the dajokan, the ancient governing body, was replaced by a cabinet system. In 1889 the Constitution of Imperial Japan was promulgated. In July 1890 the first general election, with a very limited suffrage, was held and the first session of the Diet was convened in November that year. Japan's foreign policy, primarily concerned with renegotiating the unequal treaties, was not particularly successful. On the Korean peninsula, confrontation was building up between China, Russia and Japan which culminated in the Sino-Japanese War of 1894–5. Fortunately for Japan, shortly before the outbreak of the war Britain, first among the western powers, agreed to the revision of one of the objectionable treaties. Throughout the period, Masayoshi Matsukata presided over the monetary and banking problems of Japan. As a result of the Japanese success in the Sino-Japanese War, a huge indemnity was paid by the defeated Chinese. This gave Matsukata the opportunity to achieve a long-cherished dream for Japan to adopt the gold standard.

Type
Chapter
Information
Japanese Banking
A History, 1859–1959
, pp. 57
Publisher: Cambridge University Press
Print publication year: 1995

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  • Historical background
  • Norio Tamaki, Keio University, Tokyo
  • Book: Japanese Banking
  • Online publication: 03 February 2010
  • Chapter DOI: https://doi.org/10.1017/CBO9780511586415.014
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  • Historical background
  • Norio Tamaki, Keio University, Tokyo
  • Book: Japanese Banking
  • Online publication: 03 February 2010
  • Chapter DOI: https://doi.org/10.1017/CBO9780511586415.014
Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

  • Historical background
  • Norio Tamaki, Keio University, Tokyo
  • Book: Japanese Banking
  • Online publication: 03 February 2010
  • Chapter DOI: https://doi.org/10.1017/CBO9780511586415.014
Available formats
×