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At the end of the 2020s, Japan fell into a crisis of internal and external difficulties, the domestic economy fell into a chronic crisis, and various provocations on the international stage continued one after another. However, during this turbulent period, a prime minister named Yuyuki Hamaguchi came to power, who introduced a series of major reforms aimed at reviving the Japanese economy, repairing relations with other countries and creating a friendly international environment. However, it was not expected that Japan would soon embark on a very different path. It's a story full of twists and turns, let's dive into this history together.
First, looking back at Japan in the late 2020s, economic issues became the number one problem in Japan. The government has long resorted to fiscal and monetary stimulus, which has led to serious problems in banking, business, prices, and employment. While some argue that markets should adjust themselves, governments are afraid to act decisively because of the debt problems of zombie companies. In 1927, a crisis broke out in one of Japan's largest chaebols, triggering a financial panic that further exacerbated corporate financing and employment problems.
In order to save the situation, Wakatsuki Reijiro's cabinet proposed an emergency relief plan, but it was opposed. In the end, Yoshiichi Tanaka became prime minister, and Japan began to adopt a tough foreign policy, sending troops to Shandong and intervening in the North-South War, which led to a serious deterioration in Sino-Japanese relations and cracks in relations with Britain and the United States. However, Tanaka's cabinet has taken some conciliatory measures in diplomacy to try to mend relations.
In 1928, Japan actively responded to the Paris Non-War Convention and became one of the first signatories, announcing that it would abandon war as a means of national policy. This move was praised by the international community at the time, and it seemed that Japan would move towards peace and friendship. However, Japan's internal and external problems have not been solved, and the economic crisis still plagues the country.
In July 1929, Hamaguchi became prime minister and announced ten major points of governance, including actively promoting friendly relations between Japan and China, tightening government spending, and resuming gold exports. Among them, the lifting of the ban on gold exports became the centerpiece of the reform, aimed at reviving the Japanese economy. Hamaguchi's policy initiatives have received enthusiastic responses from the whole society, and people are full of expectations for new reforms.
However, just as the outside world saw that Japan had ushered in new reforms, its fortunes took a dramatic turn. Hamaguchi's achievements came to an abrupt end in an assassination that shocked the country.
The Hamaguchi cabinet implemented a series of austerity policies, cutting government spending, lowering the salaries of senior civil servants, and saving fiscal expenditure. He also planned tax cuts by cutting the navy and carried out fruitful corporate consolidation. This series of reform measures brought the Hamaguchi cabinet to its peak popularity among the people, and the opposition party lost the election. However, just as people were hoping for the future of reform, Prime Minister Yuyuki Hamaguchi was assassinated, and the reform process came to a standstill.
With the fall of Hamaguchi, the Cabinet Fall Movement re-emerged, and conservative forces found an opportunity to attack the Hamaguchi cabinet. The fall of Hamaguchi's reform left his reform cause without a leader, and although his colleagues tried to continue the reform policy, the lack of Hamaguchi's courage and boldness clouded the future of reform.
In the end, Yuyuki Hamaguchi resigned as prime minister due to worsening injuries, and public opinion in Japan turned in conservative sentiment. The history of this period was full of twists and turns, and the reform spirit of the Hamaguchi cabinet is still worth pondering.
This story reminds us that even in the face of difficulties, we cannot give up trying to solve them. We should take timely and effective measures to avoid going down the wrong path. Looking back at this period in Japanese history, can we learn from it and avoid repeating it?
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