戦後復興期の金融構造(1) : 戦後インフレーションとその対策

概要

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　When the long time of the War was over in 1945, the postwar severe inflation broke out. In February 1946 the Japanese Government enforced the Emergency Finanacial Measures freezing deposits and cash in order to curtail excess purchasing power. But these measures had only a temporary effect on inflation, which soon regained its tempo. In the mid-1948 inflation slowed down its tempo because the recovery of production and the restrictive credit control. However, the real end of inflation depended on the "Dodge Line" in 1949.　Japan experienced the most severe postwar inflation in the major countries. In a result, Japanese people lost the value of financial assets as well as were afflicted with price increasing. Most of Japanese business firms suffered their own capital ratios falling. On the contrary, Japanese Government favored the payment of war--time debt owing to its real value reducing. After postwar inflation was brought to an end by "Dodge Line", Japanese Government decided her single exchange rate. Though it means new start of Japanese economy, its action was one year behind West Germany.
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