chapter  2
Japanese aggression and the limits of imperial influence, 1926–1933
Pages 23

Economically, Sh)wa began with the bank panic of 1927. Arising from longterm financial disorders, this crisis resulted in the closure of thirty-one banks, including the Bank of Taiwan and the Fifteenth Bank, ‘the official repository for the imperial household ministry’ (Nakamura T. 1987:56). Then, following the 1929 crash of the stock market on Wall Street in New York, Japan was hit hard by the Depression.