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The yen is not an exception, rather it might be called a typical example. Roughly observed, the index of prices starting from Meiji 6 as goes up to in Meiji 44 as the cldse of Meiji, to in Taisho 14 at the close oftaisho and to over ,OOO, near the end ofthe s.
That is to say, the value of the yen has declined to about lf of its original value in about 80 years. It is important to add that the major part ofthis depreciation was experienced during the inflation caused by wars-especially the last war.
The price of gold which was omcially fixed in as 1 Yen per 1.
Money is, as is well known, a standard measure ofvalue and prices for all commodities, but money itselfis changeable in value and it has really never been a simple neutral measure ofvalue and prices. As a matter of fact, money has never been a sheer veil ofeconomy.
In some cases, the value ofmoney was changed consciously and in other cases was obliged to be changed indifferent of the will of the government. To know what the value of the money of one country should be, therefore, is an intelligence of vital importance in modern life.
Now, when the units of an economy exist independently without having an exchange system as in the past, there needs to be no common means of exchange, and there may exist different kinds ofmoney made ofdifferent materials at the same 1 6 2 HIROSHI SHINJO time.
But as export and import begin to be carried on a world-wide scale and the world itself is deemed to be one market including all countries, there should exist only one kind money which all countries have in common. Gold has been fixed as this "money of the world.
Of course, each governments is free to decide what price should be fixed for a certain weight and fineness of gold, and as a matter of course the price ofgold has been fixed by governments proper to their own economy with denominations of their own. As a result the mint parity or omcial rates of exchange are fixed in all countries, and so the depreciation of money is expressed primarily by the price of gold and exchange rates for foreign currencies.
It is well known that so Iong as the convertible bank notes system is maintained the rates of exchange among countries never change beyond so called "gold points.
They fluctuate and change according to business cycles. But when prices rise because of increasing imports and when they fall through increasing exports, a counterbalancing power automatically rises and the gold standard system is the best stabilizer of prices in the long run, though the price index numbers shown above might betray this expectation.
But there will be no doubt if we compare these numbers with those in later suspension years. And the fact that international trade was impossible to be carried on freely during the war because of the risks oftransportation by sea must also be taken into considertion.
During the lst World War, Japan next to the United States enjoyed the profits of the war to the fu11, and was favored with an unprecedented balancc of payment. However, looking back over the years from the Russo-Japanese War to the outbreak of the World War I the scale of foreign trade has been enlarged, imports having increased more sharply than exports, the balance of trade showing a yearly deficit except for andand the total deficit during the above period amounting to million yen.
Not only the balance of trade, but invisible trade also had a deficit. The total of both deficits would have amounted to nearly 1 billion yen for this period, but for the fact that during this period sizable amounts of foreign capital to cover this deficit was borrowed from abroad.
Above all, government loans of 82 million pounds, about million yen were raised in London to finance war expenditures in and Thus, the specie reserve of the Bank ofjapan was dependent substantially on foreign loans and without such a support even the maintenance of the gold standard system might have been impossible.
Just before the outbreak of the World War I, which changed matter completely, Japanese economy was on the verge of bankruptcy, as the political unrest in Europe made the prospect of new foreign loans very dimcult at the time when past debts were falling due.
In and after, Japanese exports increased year after year because Japan was furnishing goods to underdeveloped countries whose source ofsupply by former connections became impossible, and invisible exports by shipping and insurance also increased. The total excess of the balance of trade amounted to billion yen and that ofinvisible trade to from tothus the total ofthe two made billion yen.
Thus Japan became a creditor country by the lst World War.
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