Japanese military yen
Encyclopedia
Japanese Military Yen (Chinese and Japanese: 日本軍用手票, also 日本軍票 in short), commonly abbreviated as JMY, was the :currency issued to the soldiers of the Imperial Japanese Army
and the Imperial Japanese Navy
as a salary. The Imperial Japanese
government first started issuing the military yen during the Russo-Japanese War
in 1904. The military yen reached its peak during the Pacific War
period, when the Japanese government excessively issued to all of its occupied territories. During the war, the military yen was also forced upon the local population as the official currency of the occupied territory.http://findarticles.com/p/articles/mi_m0WDP/is_1999_June_21/ai_54973168 Since the military yen was not backed by gold, and did not have a specific place of issuance, the military yen could not be exchanged for Japanese yen
. Forcing local populations to use the military yen officially was one of the ways the Japanese government could dominate the local economies.
" (日本銀行) and any text promising to pay the bearer in gold or silver. Large red text instead indicated that the note was military currency ("軍用手票") so as not to be confused with regular Japanese yen.
Later series were less crude, with design modifications being made on the printing plates.
In the early 1940s, the Japanese government issued specially designed military yen. These were not based on existing Japanese yen, but featured designs such as peacocks and dragons. All later series featured text on the reverse of the note:
Early issues did not have serial numbers, and were issued without regard for inflation. Later issues did initially feature serial numbers. Towards the end of the war, as more money was needed to pay military personnel, notes were issued without serial numbers once more.
of Hong Kong the following day.http://findarticles.com/p/articles/mi_m0WDQ/is_1999_June_14/ai_54959211 The Japanese occupation also outlawed any use of Hong Kong dollar
and set a deadline for exchanging dollars into yen.
When the military yen was first introduced in 26 December 1941, the exchange rate between the Hong Kong dollar and the military yen was 2 to 1. However, by October 1942, the rate was changed to 4 to 1.
After exchanging for dollars, the Japanese military purchased supplies and strategic goods in the neutral Portuguese
port of Macau
.
As Japan became more desperate in the war effort in 1944, the Japanese military authorities in Hong Kong circulated more military yen, resulting in hyperinflation
.
On 6 September 1945, the Japanese Ministry of Finance
announced that all military yen became void. Overnight the military yen literally became useless pieces of paper to the people of Hong Kong.
on 17 June 1999, stating that although it acknowledged the suffering of the Hong Kong people, the Government of Japan
did not have specific laws concerning military yen compensation. Japan also used the Treaty of San Francisco
, of which the United Kingdom was a signatory state, as one of the reasons to deny compensation.
Imperial Japanese Army
-Foundation:During the Meiji Restoration, the military forces loyal to the Emperor were samurai drawn primarily from the loyalist feudal domains of Satsuma and Chōshū...
and the Imperial Japanese Navy
Imperial Japanese Navy
The Imperial Japanese Navy was the navy of the Empire of Japan from 1869 until 1947, when it was dissolved following Japan's constitutional renunciation of the use of force as a means of settling international disputes...
as a salary. The Imperial Japanese
Empire of Japan
The Empire of Japan is the name of the state of Japan that existed from the Meiji Restoration on 3 January 1868 to the enactment of the post-World War II Constitution of...
government first started issuing the military yen during the Russo-Japanese War
Russo-Japanese War
The Russo-Japanese War was "the first great war of the 20th century." It grew out of rival imperial ambitions of the Russian Empire and Japanese Empire over Manchuria and Korea...
in 1904. The military yen reached its peak during the Pacific War
Pacific War
The Pacific War, also sometimes called the Asia-Pacific War refers broadly to the parts of World War II that took place in the Pacific Ocean, its islands, and in East Asia, then called the Far East...
period, when the Japanese government excessively issued to all of its occupied territories. During the war, the military yen was also forced upon the local population as the official currency of the occupied territory.http://findarticles.com/p/articles/mi_m0WDP/is_1999_June_21/ai_54973168 Since the military yen was not backed by gold, and did not have a specific place of issuance, the military yen could not be exchanged for Japanese yen
Japanese yen
The is the official currency of Japan. It is the third most traded currency in the foreign exchange market after the United States dollar and the euro. It is also widely used as a reserve currency after the U.S. dollar, the euro and the pound sterling...
. Forcing local populations to use the military yen officially was one of the ways the Japanese government could dominate the local economies.
Features of the Japanese military yen
The initial series of the Japanese military yen were replicas of standard Japanese yen with minor modifications. Generally, thick red lines were overprinted to cancel the name "Bank of JapanBank of Japan
is the central bank of Japan. The Bank is often called for short. It has its headquarters in Chuo, Tokyo.-History:Like most modern Japanese institutions, the Bank of Japan was founded after the Meiji Restoration...
" (日本銀行) and any text promising to pay the bearer in gold or silver. Large red text instead indicated that the note was military currency ("軍用手票") so as not to be confused with regular Japanese yen.
Later series were less crude, with design modifications being made on the printing plates.
In the early 1940s, the Japanese government issued specially designed military yen. These were not based on existing Japanese yen, but featured designs such as peacocks and dragons. All later series featured text on the reverse of the note:
- 此票一到即換正面所開日本通貨. 如有偽造、變造、仿造、或知情行使者均應重罰不貸.
- The text mentions that "This note is exchangeable to Japanese currency upon presentation. Severe punishment would be applied to anyone who counterfeits or knowingly uses such forged notes."
Early issues did not have serial numbers, and were issued without regard for inflation. Later issues did initially feature serial numbers. Towards the end of the war, as more money was needed to pay military personnel, notes were issued without serial numbers once more.
Introduction of military yen in Hong Kong
After the Hong Kong Government surrendered to the Japanese Imperial Army on 25 December 1941, the Japanese authorities decreed the military yen to be the legal tenderLegal tender
Legal tender is a medium of payment allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Paper currency is a common form of legal tender in many countries....
of Hong Kong the following day.http://findarticles.com/p/articles/mi_m0WDQ/is_1999_June_14/ai_54959211 The Japanese occupation also outlawed any use of Hong Kong dollar
Hong Kong dollar
The Hong Kong dollar is the currency of the jurisdiction. It is the eighth most traded currency in the world. In English, it is normally abbreviated with the dollar sign $, or alternatively HK$ to distinguish it from other dollar-denominated currencies...
and set a deadline for exchanging dollars into yen.
When the military yen was first introduced in 26 December 1941, the exchange rate between the Hong Kong dollar and the military yen was 2 to 1. However, by October 1942, the rate was changed to 4 to 1.
After exchanging for dollars, the Japanese military purchased supplies and strategic goods in the neutral Portuguese
Portugal
Portugal , officially the Portuguese Republic is a country situated in southwestern Europe on the Iberian Peninsula. Portugal is the westernmost country of Europe, and is bordered by the Atlantic Ocean to the West and South and by Spain to the North and East. The Atlantic archipelagos of the...
port of Macau
Macau
Macau , also spelled Macao , is, along with Hong Kong, one of the two special administrative regions of the People's Republic of China...
.
As Japan became more desperate in the war effort in 1944, the Japanese military authorities in Hong Kong circulated more military yen, resulting in hyperinflation
Hyperinflation
In economics, hyperinflation is inflation that is very high or out of control. While the real values of the specific economic items generally stay the same in terms of relatively stable foreign currencies, in hyperinflationary conditions the general price level within a specific economy increases...
.
Military yen after the war
After Japan announced its unconditional surrender on 15 August 1945, military yen banknotes were seized by British military authorities. However, although there was about as much as 1.9 billion yen, the Japanese military administrations intentionally destroyed 700 million worth of it.On 6 September 1945, the Japanese Ministry of Finance
Ministry of Finance (Japan)
The ' is one of cabinet-level ministries of the Japanese government. The ministry was once named Ōkura-shō . The Ministry is headed by the Minister of Finance , who is a member of the Cabinet and is typically chosen from members of the Diet by the Prime Minister.The Ministry's origin was back in...
announced that all military yen became void. Overnight the military yen literally became useless pieces of paper to the people of Hong Kong.
Recent developments
On 13 August 1993, an organization in Hong Kong seeking a refund for military yen took legal action against Japan, suing the Japanese government for the money that was lost when the military yen was declared void. A Tokyo district court ruled against the plaintiffPlaintiff
A plaintiff , also known as a claimant or complainant, is the term used in some jurisdictions for the party who initiates a lawsuit before a court...
on 17 June 1999, stating that although it acknowledged the suffering of the Hong Kong people, the Government of Japan
Government of Japan
The government of Japan is a constitutional monarchy where the power of the Emperor is very limited. As a ceremonial figurehead, he is defined by the 1947 constitution as "the symbol of the state and of the unity of the people". Power is held chiefly by the Prime Minister of Japan and other elected...
did not have specific laws concerning military yen compensation. Japan also used the Treaty of San Francisco
Treaty of San Francisco
The Treaty of Peace with Japan , between Japan and part of the Allied Powers, was officially signed by 48 nations on September 8, 1951, at the War Memorial Opera House in San Francisco, California...
, of which the United Kingdom was a signatory state, as one of the reasons to deny compensation.
See also
- Japanese invasion moneyJapanese invasion moneyJapanese Invasion Money, officially known as Southern Development Bank Notes, was currency issued by the Japanese Military Authority, as a replacement for local currency after the conquest of colonies and other states in World War II. In February 1942 in Japan, laws were passed establishing the...
- Banana moneyBanana moneyThe Japanese government-issued dollar was a form of currency issued by Imperial Japan during the Japanese occupation of Singapore, Malaya, North Borneo, Sarawak, and Brunei between 1942 and 1945...
– Japanese currency issued in occupied Malaya (Malaysia and Singapore) - Mickey mouse moneyJapanese government-issued Philippine fiat pesoDuring World War II in the Philippines, the occupying Japanese government issued fiat currency in several denominations; this is known as the Japanese government-issued Philippine fiat peso. The Japanese-sponsored Second Philippine Republic under Jose P...
– Japanese currency issued in occupied Philippine Islands - Indonesian rupiah
External links and references
- "Narcotics trade boosted army scrip", The Japan Times, 2007-08-30. Retrieved on 16 October 2007.
- "Court rejects H.K. residents' claims on military yen", Asian Economic News, 1999-6-17. Retrieved on 21 June 1999.
- "Japan urged to cash military notes for H.K. holders", Asian Economic News, 1999-6-7. Retrieved on 14 June 1999.
- Gallery of banknotes
- Bank of Japan "World War II Military Currency"
- Hong Kong Reparation Association
- The Global History of Currencies (Japan)