SOME NOTES ON JAPAN'S FOREIGN TRADE

Abstract

In tracing the history of Japan's pre-war foreign trade, the Classified Annals of Japan's Trade, compiled by the Toyo Keizai Shimpo-sha (the Oriental Economist Co., Ltd.) has been most widely utilized. According to the publication, the period between 1868 (1st year of Meiji) and 1934 (9th year of Showa) is divided into nine sub-periods, the characteristic features of each of these sub-periods being described as follows. ( 1 ) 1868-1881 (1st year-14th year of Meiji). This period witnessed a big confusion in the currency system due to the discrepancy in the price of gold and silver in Japan as compared with that prevailing in Western countries as well as the unrestricted issuance of inconvertible paper currency. The confusion entailed a drastic drop in the currency value, a sharp rise in commodity prices, an unfavorable trade balance and a continuous flow of gold and silver. (2) 1882-1893 (15th year-26th year of Meiji). During this period, the issuance of inconvertible notes was curtailed. In 1886, the silver standard system was adopted. Japan's foreign trade in