NNP

Japan Greater East Asia War Discounted Treasury 10-yen bond, issued June 22, 1942. Schwan-Boling 1107. Joseph Boling collection.

This series of bonds was issued after the widening of the war in December 1941. Bonds sold for 70% of face value and could be redeemed ten years after issue. Bonds were issued in 10, 20, 30, and 50-yen denominations. The Kiku-mon (chrysanthemum crest) or Japanese Flag shows this is Treasury bond issued by the Japanese government. Japanese war bonds were widely purchased by the Japanese populace; indeed, after 1941, the balance of government bonds surpassed national income in Japan. All of these became worthless due to post-war inflation, in which the face value of a 10-yen bond fell from about $3.50 to $0.028, a loss of more than 99%.