Abstract
This chapter focuses on the army and navy expansion programs and changes in Japanese military expenditure during the postbellum period. It examines the effect of the fiscal expansion after the Russo-Japanese War on trade deficit, which, in turn, led to specie (money in the form of coins) drain marring the maintenance of the gold standard. The chapter discusses the postbellum influence of wartime fiscal and monetary policy in relation with banking system development. Postbellum fiscal and monetary policy of the Russo-Japanese War was under the powerful influence of the foreign war loan, which was issued to finance the Special Account for the Extraordinary War Expenditures of the war. The arms expansion after the war, for both the army and navy, was triggered with the Special Account for Extraordinary War Expenditures during the war and the extraordinary war expenditures from general account after the war. Keywords: foreign war loan; Japanese military expenditure; postbellum period; Russo-Japanese War; Special Account for the Extraordinary War
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