JAPANESE CRISIS.
MANY BANKS CLOSED. BUSINESS AT A STANDSTILL. TOKIO, April 23. The Minister of Finance announces that there will be no further artificial support of the yen, no further shipments of gold, and no lifting of the gold embargo. The situation is unchanged, except that it is passing from the hysterical stage to a bitter realisation of the new conditions for everyone and the stupendousness ot the undertaking with which the Administration is faced. The newspapers frankly assert that the situation is most dangerous and that the crisis has not yet been reached unless the entire country has been brought to a realisation that permanent and conservative building upon pre-war foundations must _ commence at once. They say the process of re-constructioh will be a matter of twelve to fifteen years. The consequences of the upheaval are shown by the , closing of twenty-nine banks with total deposits of eight thousands millions.
The exchange situation is not serious, but the Minister ..is quoted as saying that thp yen must be allowed to find its accurate level. Meanwhile all the larger business is stagnant.—A. and N.Z. cable.
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Bibliographic details
Manawatu Standard, Volume XLVII, Issue 125, 26 April 1927, Page 7
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185JAPANESE CRISIS. Manawatu Standard, Volume XLVII, Issue 125, 26 April 1927, Page 7
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