August 31, 1945, Friday

I have been asked many times how the Japanese financed themselves during their regime. They came here bringing with them Japanese military notes. It can be assumed for certain that those notes are not backed by reserves. There is nothing behind it except the backing of the Japanese government. As a matter of fact, they..

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17th January 1945

The Japanese financial adviser in Manila has given us a few graphic flashes of the last days of the Laurel regime in that city. Its government, he said, had ceased to exist for all practical purposes. It could not collect one centavo in taxes; the collector of internal revenue had himself fled to the provinces on..

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8 Jan 1942

The hills on the bank of Lake DIWA (*1) glistened in the cold of the last few days, as pure white snow had been falling. This morning the snow stopped falling, but it was extremely cold. Today was War Commemoration Day (the first time since the abolishment of Public Service Day) and a celebration was..

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