政府の救済策と市場動揺の収束（Ⅱ）

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タイトル別名
  • Remedies by the Government and Calming of Oscillation in the Markets（Ⅱ）
  • 政府の救済策と市場動揺の収束(2)
  • セイフ ノ キュウサイサク ト シジョウ ドウヨウ ノ シュウソク(2)

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抄録

In his famous book about the economic history of Taisho and Showa era, Kamekichi Takahashi claimed that the panic of bubble bursting (Daihando) calmed after the bankrupty of Nanajushi Bank. In this paper we check this claim by reviewing the articles of newspapers and journals. Prices of stock, rice, cotton yarn remained sluggish in early June and tended to fall further more. Some stockbrokers claimed to close the stockmarket in order to stop furhter fall of the stock price. If the stockmarket were closed, the panic would be more serious and strike an unrecoverable blow to the whole economy of Japan. But managers of stockmarket refused to close the market. On 16 June, a lot of selling orders of stocks came in the market but there were buying orders at the same time so that the stock price fell a bit in average in the morning session. This is because sellers who were afraid of the market closure, made orders of buying stocks as to make sure of their selling profits. This was the turning point of the panic of Taisho bubble. In the afternoon session of the same day, stock prices went up. In stock, rice and cotton yarn market, they hit the bottom line. The panic of June was not revealed because the stock market continued to be opened, but there was a latent crisis. The markets overcame the panic and a temporal recover phase came in. The market chaos after the burst of Taisho bubble calmed down in June.

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