Manchukuo's Central Bank was technically an independent institution, but by 1944 it operated entirely under Japanese military-financial control, with note issuance driven by wartime procurement needs rather than any conventional monetary policy. The bank had long since abandoned meaningful reserve backing; this issue, like others from the final war years, was inflationary paper serving an occupation economy that was actively being stripped of industrial resources for the Japanese war effort.
P#J137 is among the later Manchukuo emissions before the Soviet invasion of August 1945 rendered the currency worthless overnight. Notes from this period frequently show evidence of rushed production.
Manchukuo's Central Bank was technically an independent institution, but by 1944 it operated entirely under Japanese military-financial control, with note issuance driven by wartime procurement needs rather than any conventional monetary policy. The bank had long since abandoned meaningful reserve backing; this issue, like others from the final war years, was inflationary paper serving an occupation economy that was actively being stripped of industrial resources for the Japanese war effort.
P#J137 is among the later Manchukuo emissions before the Soviet invasion of August 1945 rendered the currency worthless overnight. Notes from this period frequently show evidence of rushed production.