Guide Conquering the Fear of Freedom: Japanese Exchange Rate Policy since 1945

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  1. About This Item
  2. Michael Schiltz - Researcher - researchmap
  3. Conquering the fear of freedom : Japanese exchange rate policy since 1945

Introduction -- 4. An Overview of Exchange Rate Policy: -- 90 -- 4. The Currency Crises -- 4. The Oil Crises -- 4. International Policy Coordination -- 4.

Economic Consequences of the Higher Yen -- 5. Internationalizing the Yen: -- -- 5. Introduction -- 5. The Origins of Yen Internationalization -- 5. Early Attempts at Financial Liberalization -- 5. Yen Internationalization Efforts -- 5. Completing the Internationalization Agenda -- 6. Foreign Exchange Market Intervention: -- -- 6. Introduction -- 6. Intervention to Lean Against the Wind: -- -- 6.

Foreign Exchange Intervention and Monetary Policy: -- 4 -- 6. The Channels of Intervention Effectiveness Note continued: 7. Introduction -- 7. Characterizing Japanese Exchange Rate Policy -- 7. Lessons from the Japanese Experience -- 7. Current and Prospective Issues -- 7. Monetary Policy under Abenomics. Foreign exchange rates--Japan. Japan--Economic policy After a six-month investigation, Bulwer-Lytton found the Japanese guilty of inciting the September 18 incident and demanded the return of Manchuria to China.

The Japanese withdrew from the League of Nations in March Japan isolated itself from the world. Its diplomatic isolation empowered radical military leaders who could point to Japanese military success in Manchuria and compare it to the diplomatic failures of the civilian government. The military took over Japanese policy.

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The Japanese launched a full-scale invasion of China. Between , and , people were killed, and tens of thousands of women were raped, when the Japanese besieged and then sacked Nanjing. The Western press labeled it the Rape of Nanjing. Americans read about the brutal fighting in China, but the United States lacked both the will and the military power to oppose the Japanese invasion.

After the gut-wrenching carnage of World War I, many Americans retreated toward isolationism by opposing any involvement in the conflagrations burning in Europe and Asia. And even if Americans wished to intervene, their military was lacking. The Japanese army was a technologically advanced force consisting of 4,, men and , Chinese collaborators—and that was in China alone. The Japanese military was armed with modern rifles, artillery, armor, and aircraft.

By , the Japanese navy was the third-largest and among the most technologically advanced in the world. Still, Chinese Nationalists lobbied Washington for aid. Born into a wealthy Chinese merchant family in , Madame Chiang spent much of her childhood in the United States and graduated from Wellesley College in with a major in English literature. In contrast to her gruff husband, Madame Chiang was charming and able to use her knowledge of American culture and values to garner support for her husband and his government.

But while the United States denounced Japanese aggression, it took no action. As Chinese Nationalists fought for survival, the Communist Party was busy collecting people and supplies in the northwestern Shaanxi Province. China had been at war with itself when the Japanese came. Nationalists battled a stubborn communist insurgency. In the Nationalists threw the communists out of the fertile Chinese coast, but an ambitious young commander named Mao Zedong recognized the power of the Chinese peasant population.

In Shaanxi, Mao recruited from the local peasantry, building his force from a meager seven thousand survivors at the end of the Long March in to a robust 1. Although Japan had conquered much of the country, the Nationalists regrouped and the communists rearmed.

The Chinese could not dislodge the Japanese, but they could stall their advance. The war mired in stalemate. Championing German racial supremacy, fascist government, and military expansionism, Hitler rose to power and, after aborted attempts to take power in Germany, became chancellor in and the Nazis conquered German institutions. Democratic traditions were smashed. Leftist groups were purged.

Michael Schiltz - Researcher - researchmap

Hitler repudiated the punitive damages and strict military limitations of the Treaty of Versailles. He rebuilt the German military and navy. He reoccupied regions lost during the war and remilitarized the Rhineland, along the border with France. When the Spanish Civil War broke out in , Hitler and Benito Mussolini—the fascist Italian leader who had risen to power in the s—intervened for the Spanish fascists, toppling the communist Spanish Republican Party. Britain and France stood by warily and began to rebuild their militaries, anxious in the face of a renewed Germany but still unwilling to draw Europe into another bloody war.

The Untermenschen lesser humans would have to go. Once in power, Hitler worked toward the twin goals of unification and expansion. The massive Nuremberg rallies, such as this one in , instilled a fierce loyalty to or fearful silence about Hitler and the National Socialist Party in Germany. In , Germany annexed Austria and set its sights on the Sudetenland, a large, ethnically German area of Czechoslovakia.

They thought that Hitler could be appeased, but it became clear that his ambitions would continue pushing German expansion. In March , Hitler took the rest of Czechoslovakia and began to make demands on Poland. Britain and France promised war. And war came. Hitler signed a secret agreement—the Molotov-Ribbentrop Pact—with the Soviet Union that coordinated the splitting of Poland between the two powers and promised nonaggression thereafter. Britain and France declared war two days later and mobilized their armies. Britain and France hoped that the Poles could hold out for three to four months, enough time for the Allies to intervene.

Poland fell in three weeks. The German army, anxious to avoid the rigid, grinding war of attrition that took so many millions in the stalemate of World War I, built their new modern army for speed and maneuverability. It was called Blitzkrieg , or lightning war. After the fall of Poland, France and its British allies braced for an inevitable German attack.

Throughout the winter of —, however, fighting was mostly confined to smaller fronts in Norway. Belligerents called it the Sitzkrieg sitting war. But in May , Hitler launched his attack into Western Europe. Poland had fallen in three weeks; France lasted only a few weeks more.

By June, Hitler was posing for photographs in front of the Eiffel Tower. Germany split France in half. Germany occupied and governed the north, and the south would be ruled under a puppet government in Vichy. With France under heel, Hitler turned to Britain. The German bombing of London left thousands homeless, hurt, or dead.

This child, holding a stuffed toy, sits in the rubble as adults ponder their fate in the background. It was the largest land invasion in history. France and Poland had fallen in weeks, and German officials hoped to break Russia before the winter. And initially, the Blitzkrieg worked.

The German military quickly conquered enormous swaths of land and netted hundreds of thousands of prisoners. But Russia was too big and the Soviets were willing to sacrifice millions to stop the fascist advance. After recovering from the initial shock of the German invasion, Stalin moved his factories east of the Urals, out of range of the Luftwaffe. The German army slogged forward.

It split into three pieces and stood at the gates of Moscow, Stalingrad, and Leningrad, but supply lines now stretched thousands of miles, Soviet infrastructure had been destroyed, partisans harried German lines, and the brutal Russian winter arrived. Germany had won massive gains but the winter found Germany exhausted and overextended.

In the north, the German army starved Leningrad to death during an interminable siege; in the south, at Stalingrad, the two armies bled themselves to death in the destroyed city; and, in the center, on the outskirts of Moscow, in sight of the capital city, the German army faltered and fell back. Twenty-five million Soviet soldiers and civilians died during the Great Patriotic War, and roughly 80 percent of all German casualties during the war came on the Eastern Front. The German army and its various conscripts suffered , casualties at the Battle of Stalingrad alone.


In December , Germany began its long retreat. While Hitler marched across Europe, the Japanese continued their war in the Pacific. In the United States dissolved its trade treaties with Japan and the following year cut off supplies of war materials by embargoing oil, steel, rubber, and other vital goods. It was hoped that economic pressure would shut down the Japanese war machine. Diplomatic relations between Japan and the United States collapsed. The United States demanded that Japan withdraw from China; Japan considered the oil embargo a de facto declaration of war.

Japanese military planners, believing that American intervention was inevitable, planned a coordinated Pacific offensive to neutralize the United States and other European powers and provide time for Japan to complete its conquests and fortify its positions. On the morning of December 7, , the Japanese launched a surprise attack on the American naval base at Pearl Harbor, Hawaii. Japanese military planners hoped to destroy enough battleships and aircraft carriers to cripple American naval power for years. Twenty-four hundred Americans were killed in the attack.

American isolationism fell at Pearl Harbor. Japan also assaulted Hong Kong, the Philippines, and American holdings throughout the Pacific, but it was the attack on Hawaii that threw the United States into a global conflict. Within a week of Pearl Harbor the United States had declared war on the entire Axis, turning two previously separate conflicts into a true world war.

This pair of U. One shows Marines at war in a lush jungle, reminding viewers that the war was taking place in exotic lands; the other depicted women taking on new jobs as a patriotic duty. Recruiting Publicity Bureau, U. Beck Engraving Co. The American war began slowly. Britain had stood alone militarily in Europe, but American supplies had bolstered their resistance. In November, the first American combat troops entered the European war, landing in French Morocco and pushing the Germans east while the British pushed west.

Afterward, Roosevelt announced to the press that the Allies would accept nothing less than unconditional surrender. Meanwhile, the Army Air Force AAF sent hundreds and eventually thousands of bombers to England in preparation for a massive strategic bombing campaign against Germany.

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The plan was to bomb Germany around the clock. American bombers hit German ball-bearing factories, rail yards, oil fields, and manufacturing centers during the day, while the British RAF carpet-bombed German cities at night. Flying in formation, they initially flew unescorted, since many believed that bombers equipped with defensive firepower flew too high and too fast to be attacked.

However, advanced German technology allowed fighters to easily shoot down the lumbering bombers. On some disastrous missions, the Germans shot down almost 50 percent of American aircraft. However, the advent and implementation of a long-range escort fighter let the bombers hit their targets more accurately while fighters confronted opposing German aircraft. In , Allied forces began a bombing campaign of railroad and oil targets in Bucharest, part of the wider policy of bombing expeditions meant to incapacitate German transportation.

Bucharest was considered the number one oil target in Europe. Photograph, August 1, Bombings throughout Europe caused complete devastation in some areas, leveling beautiful ancient cities like Cologne, Germany. Cologne experienced an astonishing separate air raids by Allied forces, leaving the city in ruins as in these the photograph above. Photograph, April 24, Churchill was hesitant, but Roosevelt was eager. The invasion was tentatively scheduled for Movement up the peninsula was slow, and in some places conditions returned to the trenchlike warfare of World War I.

Americans attempted to land troops behind them at Anzio on the western coast of Italy, but, surrounded, they suffered heavy casualties. D-Day, as it became popularly known, was the largest amphibious assault in history. The Allied landings at Normandy were successful, and although progress across France was much slower than hoped for, Paris was liberated roughly two months later.

Allied bombing expeditions meanwhile continued to level German cities and industrial capacity. Perhaps four hundred thousand German civilians were killed by allied bombing. The Nazis were crumbling on both fronts. Hitler tried but failed to turn the war in his favor in the west. The Battle of the Bulge failed to drive the Allies back to the English Channel, but the delay cost the Allies the winter. The invasion of Germany would have to wait, while the Soviet Union continued its relentless push westward, ravaging German populations in retribution for German war crimes. German counterattacks in the east failed to dislodge the Soviet advance, destroying any last chance Germany might have had to regain the initiative.

In late April American and Soviet troops met at the Elbe while the Soviets pushed relentlessly by Stalin to reach Berlin first and took the capital city in May, days after Hitler and his high command had committed suicide in a city bunker. Germany was conquered. The European war was over. Allied leaders met again, this time at Potsdam, Germany, where it was decided that Germany would be divided into pieces according to current Allied occupation, with Berlin likewise divided, pending future elections. Stalin also agreed to join the fight against Japan in approximately three months.

As in Europe, the war in the Pacific started slowly. After running out of ammunition and supplies, the garrison of American and Filipino soldiers surrendered. The prisoners were marched eighty miles to their prisoner-of-war camp without food, water, or rest. Ten thousand died on the Bataan Death March.

But as Americans mobilized their armed forces, the tide turned. Combat was vicious. At Guadalcanal American soldiers saw Japanese soldiers launch suicidal charges rather than surrender. Many Japanese soldiers refused to be taken prisoner or to take prisoners themselves. Such tactics, coupled with American racial prejudice, turned the Pacific Theater into a more brutal and barbarous conflict than the European Theater. Japanese defenders fought tenaciously. Japanese soldiers bled the Americans in their advance across the Pacific.

At Iwo Jima, an eight-square-mile island of volcanic rock, seventeen thousand Japanese soldiers held the island against seventy thousand Marines for over a month. At the cost of nearly their entire force, they inflicted almost thirty thousand casualties before the island was lost. By February , American bombers were in range of the mainland. Over sixty Japanese cities were fire-bombed.

American fire bombs killed one hundred thousand civilians in Tokyo in March In June , after eighty days of fighting and tens of thousands of casualties, the Americans captured the island of Okinawa. The mainland of Japan was open before them. It was a viable base from which to launch a full invasion of the Japanese homeland and end the war. Estimates varied, but given the tenacity of Japanese soldiers fighting on islands far from their home, some officials estimated that an invasion of the Japanese mainland could cost half a million American casualties and perhaps millions of Japanese civilians.

Historians debate the many motivations that ultimately drove the Americans to use atomic weapons against Japan, and many American officials criticized the decision, but these would be the numbers later cited by government leaders and military officials to justify their use. Early in the war, fearing that the Germans might develop an atomic bomb, the U. Physicist J. Hiroshima was hit on August 6. Over one hundred thousand civilians were killed. Nagasaki followed on August 9. Perhaps eighty thousand civilians were killed.

Emperor Hirohito announced the surrender of Japan on August On September 2, aboard the battleship USS Missouri , delegates from the Japanese government formally signed their surrender. World War II was finally over. Almost eighteen million men served in World War II. Volunteers rushed to join the military after Pearl Harbor, but the majority—over ten million—were drafted into service. Volunteers could express their preference for assignment, and many preempted the draft by volunteering. Soldiers were indoctrinated into the chain of command and introduced to military life.

After basic, soldiers moved on to more specialized training. For example, combat infantrymen received additional weapons and tactical training, and radio operators learned transmission codes and the operation of field radios. Soldiers and Marines bore the brunt of on-the-ground combat. After transportation to the front by trains, ships, and trucks, they could expect to march carrying packs weighing anywhere from twenty to fifty pounds containing rations, ammunition, bandages, tools, clothing, and miscellaneous personal items in addition to their weapons.

Sailors, once deployed, spent months at sea operating their assigned vessels. Larger ships, particularly aircraft carriers, were veritable floating cities. In most, sailors lived and worked in cramped conditions, often sleeping in bunks stacked in rooms housing dozens of sailors. Senior officers received small rooms of their own. Sixty thousand American sailors lost their lives in the war. Army and soldiers served in ground and air crews.

World War II saw the institutionalization of massive bombing campaigns against cities and industrial production. Large bombers like the B Flying Fortress required pilots, navigators, bombardiers, radio operators, and four dedicated machine gunners. Airmen on bombing raids left from bases in England or Italy or from Pacific islands and endured hours of flight before approaching enemy territory. At high altitude, and without pressurized cabins, crews used oxygen tanks to breathe and on-board temperatures plummeted.

Once in enemy airspace, crews confronted enemy fighters and anti-aircraft flak from the ground. While fighter pilots flew as escorts, the Air Corps suffered heavy casualties. Tens of thousands of airmen lost their lives. On the ground, conditions varied. Soldiers in Europe endured freezing winters, impenetrable French hedgerows, Italian mountain ranges, and dense forests. Germans fought with a Western mentality familiar to Americans.

Soldiers in the Pacific endured heat and humidity, monsoons, jungles, and tropical diseases. And they confronted an unfamiliar foe. Americans, for instance, could understand surrender as prudent; many Japanese soldiers saw it as cowardice. What Americans saw as a fanatical waste of life, the Japanese saw as brave and honorable.

Conquering the fear of freedom : Japanese exchange rate policy since 1945

Atrocities flourished in the Pacific at a level unmatched in Europe. Economies win wars no less than militaries. But then Europe fell into war, and, despite its isolationism, Americans were glad to sell the Allies arms and supplies. And then Pearl Harbor changed everything. The United States drafted the economy into war service. Governmental entities such as the War Production Board and the Office of War Mobilization and Reconversion managed economic production for the war effort and economic output exploded. An economy that was unable to provide work for a quarter of the workforce less than a decade earlier now struggled to fill vacant positions.

Government spending during the four years of war doubled all federal spending in all of American history up to that point. The economy that came out of the war looked nothing like the one that had begun it. Military production came at the expense of the civilian consumer economy. Appliance and automobile manufacturers converted their plants to produce weapons and vehicles.