Page numbers in italics refer to figures, charts, and tables.
abaca, Vulnerability Studies, 127
abrasives, Vulnerability Studies, 127
acceptance financing, 69–72
Acheson, Dean: background, 14, 108–9; concern about Japan, 50; and financial freeze administration, 176–78, 191–92, 195–96, 200–206, 214–15, 217–19, 237, 240, 242; and financial freeze preparation, 109–11, 114, 118, 174–76; on Japanese assets, 170; and Japanese barter proposals, 208–9, 211–13, 238; and Japanese petroleum imports, 173; Roosevelt and, 108, 203–4; trade embargo and, 94, 96
Administrator of Export Control. See Export Control Administration
Advisory Commission (Council of National Defense), 117
Aeronautical Chamber of Commerce, 78
agricultural products: food Vulnerability Studies, 134–43; Japanese exports of, 30–40
aircraft: Japanese assets, 78; U.S. exports to Japan, 78–79; U.S. trade embargo on, 77–78
Alien Property Custodian. See Office of the Alien Property Custodian
aluminum: Japanese requirements and assets, 80–81; Vulnerability Studies, 128–29
American Liberty League, 207
Araki, Mr., 58
Archives, National, xi–xii, xv
Argentina, Japanese assets in, 197
Army Industrial College, Economic Warfare Section, 116, 119
Army Intelligence (G-2): on financial freeze impact, 223; monitoring of Japanese assets, 53, 54, 224
Army-Navy Munitions Board, 84
asbestos, Vulnerability Studies, 132
Asian trade, U.S., financial freeze and, 194–95
austerity, Japanese. See Japanese economy
aviation gasoline: Japanese efforts to purchase, 159; U.S. embargo of, 82–83, 88–89, 158–59, 166
Axis: Japanese joining of, 93, 173, 236–37;
U.S. assets controlled by, 172
Axis, financial freeze of: bureaucracy, 108–12;
debate on, 104–5, 109–12, 117–18;
imposition of, 171–72. See also economic warfare
Ayukawa, Yoshisuke, 207
Ballif, Louis Serge, 117, 119, 121
bank deposits, Japanese. See devisen, Japanese
Bank of America, 106
bank custody accounts. See custody accounts
Bank of Japan (BOJ): gold assets, 55–57, 59, 196, 241; and gold cover of yen, 58;
secret war reserves, 60, 62, 102–4; Yokohama Specie Bank and, 99
Bank of Tokyo, 218
banks, Japanese: financial freeze and, 193. See also Bank of Japan; Bank of Tokyo; Sumitomo Bank; Yokohama Specie Bank
barter trade: Germany and, 208; great Britain and, 208–9; Japanese post-freeze proposals for, 206–13, 210–11, 238–40; U.S. rejection of, 211–13, 238–40
Baruch, Bernard, 213
Bates, J. S., 121
bauxite, Vulnerability Studies, 129–30
Berle, Adolf A., Jr., 109–11
Biddle, Francis, 213
blockade of Japan (naval): in War Plan Orange ix–x, proposal for, 16
BOJ. See Bank of Japan
bonds, Japanese, 10–11, 56–57, 192–93, 217–18
Brazil, Japanese assets in, 168, 178, 197–98, 214. See also Latin America
Bryan, William Jennings, 13
business and investment assets, Japanese: financial freeze and, 193; liquidation of U.S. holdings, 68, 169–70
business assets, U.S., in Japan, 105, 112
California: and East Coast petroleum shortages, 189–90, 215; Japanese petroleum imports from, 182, 187; petroleum supplies, 181–84, 189–90, 215, 248; refining capacity, 182
camphor See celluloid products
Canada: and petroleum shortage, 185, 188; and trade with Japan, 19, 36, 43, 81, 82, 101, 127, 131, 132, 133, 144, 146
carbon black, Vulnerability Studies, 127–28
Carothers, Wallace Hume, 149
cash. See devisen
celluloid products, Japanese export of, 44–47
Census of Foreign Owned Assets. See Treasury Department
ceramics, Japanese export of, 44
Chanel, Coco, 24
China, Japanese aggression in: gold indemnity extracted from China, 56; initial U.S. responses, 9–11, 13–16, 77–83; and Japanese access to lending market, 10–11, 56–57; Japanese gold reserves prior to, 55–57; private gold collected from China, 65; U.S. monitoring of financial impact, 50–53, 60, 62–67, 69, 71–72, 98–103, 106, 168–69; U.S. predictions of financial impact, 8, 11, 17, 48–50, 53–55, 98, 106, 241
China, Nationalist: financial freeze and, 192; Japanese demands regarding, 238; Japanese efforts to acquire dollars through, 197–98
chromium, Vulnerability Studies, 131
Churchill, Winston, 185, 203, 239, 247
Climenko, Jesse, 213
clothing, Vulnerability Studies, 143–46
code, Japanese, breaking of, 174
Coe, Charles H., 102
Collado, Emilio G., 52
Commerce Department: on Japanese credit worthiness, 72; monitoring of Japanese assets, 68
consumer commodities, Vulnerability Studies, 147
copper, Vulnerability Studies, 126–27
cotton: financial freeze and, 195–96; Japanese post-freeze barter proposals, 209; Vulnerability Studies, 144–45. See also textile industry, U.S.
Council of National Defense, 84, 117
credit markets: acceptance financing, 69–72; Japanese access to, 10–11, 56–57, 170, 250
currency exchange controls, and yen inconvertibility, 18–19, 31–32, 71–72, 101, 172, 208–9, 242
custody accounts, 99–100
Davies, Ralph K., 186, 188, 245–48
De Javische Bank, 169
depression, 1930s. See Great Depression
Desvernine, Raoul E., 206–7, 209, 212–13
devisen: defined, 68; Japanese, as war asset, 68–72
diamonds, Vulnerability Studies, 132
diesel oil. See petroleum and petroleum products
direct investments, Japanese, liquidation of, 68, 169–70
dollar area, 49. See also Canada, Latin America, Philippines
dollars, Japanese concentration account for, 170
dollars, Japanese need for, 18–19, 172
dollars, Japanese sources of: after financial freeze, 154, 196–98; collection of private gold, 64–65; devisen, 68–72; early efforts to constrain, 73; liquidation of direct investments, 68, 169–70; liquidation of Japanese foreign currency bonds, 67; liquidation of foreign securities, 65–66; liquidation of gold reserves, 58–62, 100–101; secret cache of, 55, 62, 73–74, 99–102, 106; trade, 18, 31–32, 36, 149–50; value of, adjusted for inflation, xii–xiii. See also secret war chest; Japanese war chest, secret cache
dollars, Japanese withdrawal from U.S., 74, 104, 107, 168–70, 178–80, 197
Donovan, William J., 226
Durand, E. Dana, 160–62
East Coast, U.S.: petroleum conservation efforts, 188, 215, 245–47; petroleum consumption and distribution, 184; petroleum shortage projections, 186–90, 203, 215–16, 245–48
East Indies. See Netherlands East Indies
ECA. See Export Control Administration
Economic Defense Board (EDB), 205–7, 212
economic sanctions: history of, 3–4; Johnson Act, 11–12; Neutrality Act Amendment of 1936, 12–13; Neutrality Act of 1935, 13, 75–76, 79, 86; Neutrality Act of 1937, 76–77; Neutrality Act of 1939, 79–80. See also entries under financial freeze; Neutrality Acts; trade embargoes
economic sanctions against Japan: and Japanese access to credit markets, 10–11, 56–57, 170, 250; Joint Resolution 317, 10–11. See also financial freeze
economic warfare: British experience with, 118; bureaucracy, 117; research on feasibility of, 116–20; Vulnerability Studies on economic and domestic materials, 134–47; Vulnerability Studies on industry, 222; Vulnerability Studies on Japanese exports, 148–55; Vulnerability Studies on petroleum, 160–67; Vulnerability Studies on strategic materials, 120–33. See also entries under financial freeze; trade embargoes
EDB. See Economic Defense Board
Elliott, Milton C., 5–6
embargo of Japan. See economic sanctions against Japan; entries under financial freeze; trade embargoes; petroleum, metals and other materials and commodities
exchange controls. See currency exchange controls
Executive Order 8389, 103, 192
Executive Order 8832, 191–92
Export Control Act of 1940, 85
Export Control Administration (ECA): administration of, 87–88, 111, 206; economic warfare Planning Division, 116–20; EDB and, 205; and embargo of Japan, 94, 96; and financial freeze, 114–20, 176, 178, 206; and oil export restrictions, 175, 198–99; and petroleum export restrictions, 186–87; renaming of, 205; Vulnerability Studies on economic and domestic materials, 134–47; Vulnerability Studies on industry, 222; Vulnerability Studies on Japanese exports, 148–55; Vulnerability Studies on petroleum, 160–67; Vulnerability Studies on strategic materials, 120–33
exports. See Japanese exports to U.S.; Japanese trade
Farish, William S., 247
fashions. U.S. women’s, 23, 27. See also cotton; hat materials; rayon; silk, Japanese exports of; silk, U.S. market for; silk, and U.S. textile industry; textile industry, U.S, silk; women, and U.S. market for silk
FBI. See Federal Bureau of Investigation
Federal Bureau of Investigation (FBI), 179, 201, 213
Federal Reserve: census of foreign-owned assets, 172; and financial freeze administration, 193–94; monitoring of Japanese assets, 50–52, 54, 58, 60, 64–65, 67, 72, 99–103, 106, 168; records of, xi
Federal Reserve Act of 1913, 69–72
Feis, Herbert: background, 52–53; and financial freeze, 105, 110, 112, 174, 192, 217; monitoring of Japan’s assets, 104; on repatriation of Japanese capital, 68, 170
Ferger, Wirth, 150–52
ferroalloys, Vulnerability Studies, 130–31
fertilizers: Japanese sources, 137; Vulnerability Studies, 135–42;. See also agricultural products, food; nitrogen; phosphates; potash
FFCC. See Foreign Funds Control Committee
financial freeze(s), history of, 103
financial freeze of European Axis: bureaucracy, 108–12; debate on, 104–5, 109–12, 117–18; imposition of, 171–72. See also economic warfare
financial freeze of Japan: administration of, 193–96, 214–18; control of, 2, 108, 113–14, 174, 192, 200–204; decision to impose, 173–74; draft executive order, 113–14; expectations of Japanese reaction, 192; impact of, 1–2, 178, 192–93, 196–98, 219, 241–42; imposition of, 176, 189, 191–92; Japanese analysis of impact, 221–25, 242–43; Japanese demands regarding, 238–40; Japanese efforts to circumvent, 206–15, 210–11, 238; Japanese preparation for, 74, 104, 107, 168–70, 178–80, 197–98; Japanese response to, 219, 221, 225, 238; and negotiations with Japanese, 237–40; press release on, 191; projected impact of, 226–35, 251–53; proposals for, 15–16, 102–3, 105, 107, 112–13; public opinion on, 203; rules of, 176–78, 192; U.S. analysis of impact, 220–26; and U.S. trade with Asia, 194–95. See also economic warfare; Vulnerability Studies
Fish, Hamilton III, 11
Fisher, Irving, 14
fishery products, Japanese exports of, 40–41
fluorspar, Vulnerability Studies, 128–29
Foley, Edward H., Jr.: and financial freeze, 110–11, 171–72, 178, 191–92, 201–3; and Lend-Lease, 109, 112; on options against Japan, 102
food, Vulnerability Studies on, 134–43. See also agricultural products
foreign currency bonds, Japanese liquidation of, 67
foreign exchange. See dollars; sterling
foreign exchange controls. See currency exchange controls
Foreign Funds Control Committee (FFCC; Interdepartmental Policy Committee): and financial freeze policy, 195–96, 208, 214; membership of, 192, 201–2; and negotiations with Japanese, 237; origins of, 200–201; power of, 205–6; role of, 176–78
Foreign Funds Control Section (Treasury Department), 193, 196
foreign securities, Japanese liquidation of, 65–66
Foreign Securities Act of 1934. See Johnson Act of 1934
foreign-owned assets in U.S.: census of, 172; Japanese, seizure of, 172
Formosa: as gold source, 63; and Japanese food supplies, 135, 143, 233–34; and Japanese war materials, 40, 45, 81, 233–34; trade with U.S., 39
Fox, Mr., 213–14
fraud, Japanese banking. See Japanese war chest, secret cache
freeze of Japanese assets. See financial freeze of Japan
Galbraith, J. K., 182
gasoline. See aviation gasoline; petroleum and petroleum products
Gass, Henry, 197
Gerli, Paolino, 193
Germany: barter trade and, 208; invasion of Soviet Union, 171–73, 237; trade with Japan, 168, 172; U.S. response to aggression by, 9, 75–77, 79, 84–85, 103. See also Axis; Axis financial freeze
Glasser, Harold, 50
gold. See Japanese gold reserves
Gold Encouragement Act (Japan), 62
Gold Fund Special Account (Japan), 58–60, 62
Gold Production Promotion Company, 62
gold reserves and production, Japanese: accumulation after financial freeze, 241; before China War, 55–57; collection of private gold, 59, 64–65; financial freeze and, 196; liquidation for war effort, 58–62; production, 59, 61, 62–64; secret, 62; U.S. predictions of war impact on, 8, 11, 17, 48–50, 53–55, 54, 98, 106; U.S. proposals to restrict purchase of, 73
gold standard, yen and, 56–58, 71
Goldenweiser, Emanuel A., 51
Grant, Ulysses S., 79
graphite flakes, Vulnerability Studies, 132
Great Britain: barter trade, 208–9; currency exchange controls, 31–32, 71–72, 101, 172, 208–9, 242; financial freeze and, 171, 174, 192; Lend-Lease and, 182, 184–85, 245–48; Ministry of Economic Warfare, 118; oil needs, 185
Great Depression: and international trade, 31–32; and Japanese bonds, 10; and Japanese gold reserves, 57; and silk market, 18, 26–27, 48; and tariffs, 32
Green, Joseph C., 86, 94, 109, 160, 173, 175
Grew, Joseph: and embargo of Japan, 92; and financial freeze, 105, 220–21, 223, 225; and Japanese aggression in China, 79; monitoring of Japanese assets, 224; and U.S. investments in Japan, 105, 112–13, 169–70
Grotius, Hugo, 3
Haas, George C., 50, 55, 65, 67, 73
Halifax, Lord, 239
Hall, August, 208
Hamilton, Maxwell, 169–70, 189
Harding, Warren G., 10
Harriman, W. Averell, 87
Harrison, George L., 51
hat materials, Japanese exports of, 41–42
Henderson, A. I., 87
Henderson, Charles B., 207
Henderson, Leon, 92
Hersey, Arthur B., 226–35, 249–53
Hesse, H. E., 106
Hewes, Thomas, 110, 114–15, 117, 121–22, 206
Hirohito, Emperor of Japan, 240
Hitler, Adolf, 9, 75, 79, 103, 172, 237
Hochschild, Harold, 82
Hopkins, Harry, 86–88, 109, 185
Horinouchi, Kensuke, 78
Hornbeck, Stanley K., 54, 91, 158–59, 170, 175
hosiery. See fashions
Hull, Cordell: caution of, 13, 16; and financial freeze administration, 201, 203, 213–14, 218–19, 242; and financial freeze preparation, 105, 110–11, 174, 195, 201; and Japanese barter proposals, 207, 211–12, 240; and Japanese petroleum imports, 158; and monitoring of Japan, 52; negotiations with Japanese, 173, 201, 212, 236–40; on neutrality acts, 77; and petroleum export restrictions, 187; on trade embargo of Japan, 86; on trade with Japan, 78–79, 93
Hull, Morton D., 10–11
Hunsberger, Warren S., 115
Ickes, Harold: background, 186; and embargo on Japan, 92; and financial freeze, 109; as petroleum coordinator, 181, 186–88, 190, 203, 215, 245–47
Iguchi, Sadao, 199–200, 206, 214
Illiquidity, 1–2
imports, Japanese. See trade, Japanese.
impoverishment, 225. See also bankruptcy
Indochina: Japanese aggression in, 92–93, 173–74, 176, 237; Japanese funds in, 179
industry, Japanese. See Japanese manufacturing
Ingersoll, Royal E., 16
Institute of Scrap Iron and Steel, 91
Interdepartmental Policy Committee. See Foreign Funds Control Committee
investment assets, Japanese; See business and investment assets, Japanese
iron. See steel; scrap metal
Italy: aggression in Africa, 9; and British oil supply routes, 185; and Japanese trade routes, 139; U.S. response to, 9, 75–77; and U.S. trade embargo, 76. See also Axis; financial freeze of European Axis
J. P. Morgan and Co., 10–12
Jackson, Robert H., 110–11, 201
Japan: bonds, 10–11, 56–57, 192–93, 217–18; impact of trade embargoes on, 88–89, 93, 96–97; joining of Axis, 93, 173, 236–37; lack of strategic materials, 48; Neutrality Acts and, 76–77, 80, 83; “rich nation, strong military” policy, 20 56; silver and, 56, 64; source of dollars, 18; standard of living in, 251; U.S. assets controlled by, 172; U.S. business assets in, 105, 112
Japan Gasoline Company, 82–83
Japanese aggression against U.S.: alternatives to, 243; mobilization for attack, 238; motives for, 1–2, 31, 219, 221, 225, 242–43; Pearl Harbor attack, 240
Japanese aggression in China: gold reserves prior to, 55–57; initial U.S. responses, 9–11, 13–16, 77–83; and Japanese access to credit market, 10–11, 56–57, 170, 250; U.S. monitoring of financial impact, 50–53, 60, 62–67, 69, 71–72, 98–103, 106, 168–69; U.S. predictions of financial impact, 8, 11, 17, 48–50, 53–55, 98, 106, 241
Japanese aggression in Indochina, U.S. response to, 92–93, 173–74, 176, 237
Japanese businesses in U.S.: financial freeze and, 193; liquidation of, 68, 169–70
Japanese diplomats and financial advisers in United States. See Araki, Mr.; Horinouchi, Kensuke; Iguchi, Sadao; Kurusu, Saburo; Nakano, Mr.; Nishi, Kazuo; Nishiyama, Tsutomo; Nomura, Kichisaburo
Japanese economy: dependence on petroleum imports, 156–57, 162; Great Depression and, 26; impact of financial freeze on, 1–2, 178, 192–93, 196–98, 219, 241–42; U.S. monitoring of assets, 50–53, 60, 62–67, 69, 71–72, 98–103, 106, 168–69; U.S. predictions on problems of, 8, 11, 17, 48–50, 53–55, 98, 106, 220–55, 227, 230, 232. See also Japanese trade
Japanese exports to U.S.: goals and strategies, 31–33; products, 29, 33–42, 39, 44–47, 153; quality of, 42; success and failure of, 36–37, 44–49; U.S. tariffs and, 31–32, 34–35, 37, 38, 39, 40–47, 57. See also Japanese trade; silk
Japanese gold reserves and production: accumulation after financial freeze, 241; before China War, 55–57; collection of private gold, 64–65; financial freeze and, 196; liquidation for war effort, 58–62; production, 59, 61, 62–64; secret, 62; U.S. predictions of war impact on, 8, 11, 17, 48–50, 53–55, 54, 98, 106, 154; U.S. proposals to restrict purchase of, 73
Japanese manufacturing: impact of financial freeze on, 222–24; Vulnerability Studies, 222
Japanese manufacturing exports to U.S.: goals and strategies, 31–33; products, 33–42, 44–47; quality of, 42; success of, 36–37, 44–49; U.S. tariffs and, 31–32, 34–35, 37, 40–47, 57
Japanese records and statistics, xii–xiii
Japanese silk exports, 18–21, 25, 29–30
Japanese Tourist Agency, 193
Japanese trade: balance of trade, 49, 56–58, 124–25; economic impact of, 249–50; with Germany, 168, 172; impact of financial freeze on, 1–2, 178, 192–93, 196–98, 219, 222–24, 232, 241–42; isolation of, 172; post-freeze barter proposals, 206–13, 210–11, 230, 238–40; as sources of dollars for Japan, 18, 31–32, 36, 149–50; Vulnerability Studies, 148–55, 222. See also Japanese exports to U.S.; silk; trade embargoes against Japan
Japanese war chest: after financial freeze, 196–98; collection of private gold, 64–65; devisen, 68–72; early efforts to constrain, 73; liquidation of direct investments, 68, 169–70; liquidation of foreign currency bonds, 67; liquidation of foreign securities, 65–66; liquidation of gold reserves, 58–62, 100–101; need for dollars in, 18–19, 172; secret cache, 55, 62, 73–74, 99–102, 106; trade and, 18, 31–32, 36, 149–50; withdrawal of dollars from U.S., 74, 104, 107, 168–70, 178–80, 197
Japanese-U.S. negotiations, 236–37; breakdown of, 240; financial freeze and, 237–40; Hull and, 173; Japanese demands, 238–40
Johnson, Hiram, 12
Johnson Act of 1934, 11–12
Justice Department, and financial freeze, 201–2
Kahn, Otto, 10
Kellogg-Briand Pact (1928), 11
Keynes, John Maynard, 101, 112
Knapp, Joseph Burke, 51, 100, 102
Knox, Philander C., 78
Knudsen, William S., 85
Konoe, Fumimaro, 237–38
Korea: and financial freeze, 233–34; and Japanese food and clothing, 135, 136, 138, 143, 234; and Japanese gold, 58, 62, 63; and Japanese silver, 64; and Japanese war materials, 81, 82, 128, 131
LaGuardia, Fiorello, 189
Lamont, Thomas W., 10
Lansing, Robert, 4
Lary, Hal, 114
Latin America: Japanese assets in, 168, 178, 197–98, 200, 214; Japanese imports from, 172–73; petroleum exports, 162, 166 See also Brazil, Mexico, Peru
Lausanne Agreement of 1932, 12
Lead: Japanese need for, 48, 82, 133, 166; U.S. trade restrictions on, 88, 95, 166
League of Nations, 9, 12, 63, 71
Lee, Raymond E., 118
Lend-Lease program: as distraction, 114; establishment of, 112; and U.S. oil supplies, 182, 184–86, 215, 245, 247–48. See also Great Britain, Lend-Lease and
Library of Congress, xvi
Logan, William, Jr., 242
Logan Act of 1799, 213
lumber, Vulnerability Studies, 146–47
Luthringer, George Francis, 53, 65, 67, 195
machine tools, U.S. embargo on, 94
magnesium: U.S. trade restrictions on, 80, 81; Vulnerability Studies, 81
Manchukuo. See Manchuria
Manchuria: and Japanese food and clothing, 136, 146; and Japanese negotiations with U.S., 237; Japanese seizure of, 9; and Japanese war materials, 128, 130, 156, 162, 164, 223; repercussions from Japanese seizure of, 10, 43, 57, 67, 71, 236, 250
Manchuria Industrial Development Corporation, 207
Marshall, George C., 119–20, 122
Matsukata, Masayoshi, 56
Maxwell, Russell Lamont: Acheson and, 111; ECA and, 87, 109; and economic warfare, 114–16; and financial freeze, 118–20; and Japanese petroleum imports, 170, 173; and petroleum export restrictions, 186–87; trade embargo and, 94; Vulnerability Studies and, 121–22, 148
McAdoo, William Gibbs, 5–7
McKeon, J. W., 99
McKnight, Charles, 206
Meiji Fire Insurance Co., 68, 169
metals: U.S. trade embargoes on, 80–82, 95, 196; Vulnerability Studies, 129–33. See also aluminum; bauxite; chromium; copper; ferroalloys; lead; magnesium; molybdenum; nickel; scrap metal; steel; tungsten; zinc
Mexico: petroleum production, 157; trade with Japan, 129, 144, 162, 164; and U.S. trade embargo, 94. See also Latin America
Middle East, petroleum production, 157
Miller, Edward G., Jr., 212–13, 217
molybdenum: Japanese requirements and assets, 81–82; Vulnerability Studies, 131
money. See dollars, currency controls, devisen, gold, sterling, yen.
money market. See credit market, devisen
Morgenthau, Henry, Jr.: Acheson and, 108–9; FDR and, 14; and financial freeze administration, 114, 202, 204, 222–23; and financial freeze preparation, 3, 13–14, 98, 102–5, 107, 110–12, 172, 180, 201; Lend-Lease and, 112; and petroleum conservation, 188; on restriction of Japanese gold sales, 73; Roosevelt and, 174; staff of, 14–15, 50, 53; and trade embargo, 82, 91–93, 95–96; and Trading with the Enemy Act, 15–16
Morse, Chandler, 114, 117–20, 206
Moser, C. K., 120
Moulton, Harold G., 11
Mulligan, E. J., 168
Munitions Control Board, 86
Murchison, Claudius T., 35
Nakison, George A., 104
National Defense Advisory Commissions (NDAC), 85, 87–88, 92
National Industrial Recovery Act (NIRA), 34–35, 46
National Munitions Control Board, 75–76
Nationalist China: financial freeze and, 192; Japanese demands regarding, 238; Japanese efforts to acquire dollars through, 197–98
Naval Intelligence: on financial freeze impact, 223; monitoring of Japanese assets, 53; petroleum vulnerability study, 160–66
Navy, views on financial freeze, 174
NDAC. See National Defense Advisory Commissions
negotiations with Japanese, 236–37; breakdown of, 240; financial freeze and, 237–40; Hull and, 173, 201, 212, 236–40; Japanese demands, 238–40
Netherlands East Indies: barter trade and, 208; financial freeze and, 192, 200; Japanese accounts in, 169; Japanese threats against, 239; petroleum exports to Japan, 157–59, 162, 165–66. See also De Javische Bank
Neutrality Act Amendment of 1936, 12–13
Neutrality Act of 1935, 13, 75–76, 79, 86
Neutrality Act of 1937, 76–77
Neutrality Act of 1939, 79–80
New York Cotton Exchange, 33
New York Silk Exchange, 24
nickel: Japanese imports of, 82; Vulnerability Studies, 131
Nine Power Treaty of 1922, 237
NIRA. See National Industrial Recovery Act
Nishiyama, Tsutomo, 200, 207, 212–14, 216–17, 238
nitrogen: Japanese sources, 137; Vulnerability Studies, 136–38
Nomura, Kichisaburo, 173–74, 176, 189, 203, 212–14, 216, 225, 236, 239
Nylon: and silk market, 32, 149–50, 151, 152, 154, 219, 229, 242, 252; U.S. embargo on, 95; as war material, 151
Nylon Day (New York Worlds Fair), 30, 149
OCL. See Office of Intelligence Coordination and Liaison
OEM. See Office of Emergency Management
Office of Arms and Munitions Control, 78
Office of Emergency Management (OEM), 84–85
Office of Export Control, 205. See also Export Control Administration
Office of Intelligence Coordination and Liaison (OCL), 226–28
Office of Strategic Services, 226–28, 253
Office of the Alien Property Custodian, 218
oil. See aviation gasoline; gasoline; petroleum and petroleum products
Oliphant, Herman, 15–16
Operation Barbarossa, 172–73
Orange Plan. See War Plan Orange
organic solvents, Vulnerability Studies, 129
Pasteur, Louis, 20
Pauley, Edwin W., 247–48
Pearl Harbor attack: implementation of, 240; motives for, 1–2
Pearson, Drew, 213
Pehle, John W., 53, 105, 111, 202, 213
Pelley, John H., 246
Peru, Japanese assets in, 197
Peterson, Ruth E. K., 149–52
petroleum coke, Vulnerability Studies, 129
petroleum products: California refining capacity, 182; California supplies, 181–84, 189–90; financial freeze and, 195–96, 223–24; global production, 157–58; Japanese dependence on imports, 156–57, 162; Japanese imports, 157–60, 161, 162, 164, 170–71, 174–76, 177, 182, 187; Japanese post-freeze barter proposals, 206–7, 209; Japanese production, 156–57, 162; Japanese rationing of, 162–63; Japanese requirements for, 156–57, 162, 163, 164; Japanese reserves, 163–65; Japanese tanker capacity, 165–66, 165; Lend-Lease program and, 182, 184–86, 245; synthetic, 157, 162, 223; U.S. conservation efforts, 188, 215, 245–47; U.S. distribution bottlenecks, 183, 184, 187–89, 245–48; U.S. dominance of market, 157; U.S. East Coast consumption and distribution, 184;
U.S. East Coast shortage projections, 186–90, 203, 215–16, 245–48; U.S. embargo proposals, 166–67, 174, 177; U.S. evaluation of financial freeze impact, 221; U.S. export restrictions on, 173, 175–76, 189, 194, 198–200, 215–16; U.S. exports to Japan, 157–60; U.S. market dominance, 157; U.S. tanker capacity, 181, 184–88, 215, 245, 247–48; Vulnerability Studies, 160–67. See also aviation gasoline
Philippines: financial freeze and, 192; Japanese trade with, 180
phosphates: Japanese sources, 137; Vulnerability Studies, 138–40
Pittman, Key, 75
“The Place of Foreign Trade in the Japanese Economy” (OCL), 226–33, 249–53
Plan Rainbow Five, 119
plastics. See celluloid
Poiret, Paul, 22
Poland, German-Soviet conquest of, 79
potash: Japanese sources, 137; Vulnerability Studies, 140–42
pottery. See ceramics
pyroxylin. See celluloid
Pratt, Edward E., 4
quartz crystals, Vulnerability Studies, 132
rayon: financial freeze and, 193; silk industry and, 26; Vulnerability Studies on, 143–44
Reciprocal Trade Act of 1934, 35
Redfield, William C., 4–6
Reischauer, Haru, 20
residual oil (fuel). See petroleum and petroleum products
“rich nation, strong military” policy of Japan, 20 56
Roosevelt, Franklin D.: Acheson and, 108, 203–4; declaration of national emergency, 171; and Economic Defense Board, 205; and economic mobilization, 84–85; and financial freeze, 98, 105, 111–12, 174, 176, 191–92, 195, 201, 203–4, 239; and Japanese barter proposals, 208; Johnson Act and, 12; and Lend-Lease, 112; and Morgenthau, 14; negotiations with Japanese, 236–38, 240; and Neutrality Act of 1935, 75–76; and Neutrality Act of 1937, 76–77; and Neutrality Act of 1939, 79; and petroleum export restrictions, 187, 189, 198; and petroleum shortage, 245, 247–48; “quarantine” speech, 3, 13; response to German invasion of Poland, 79–80; responses to Japanese aggression, 13–16, 80; on restriction of Japanese gold sales, 73; State Department and, 109; tariffs and, 35; trade embargoes and, 78, 86–88, 92–93, 95; and Trading with the Enemy Act, 1, 3, 7–8, 15–16, 103; and U.S. petroleum export restrictions, 181, 215–16
Rozell, Walter H., Jr., 52–53, 73, 99, 101–2, 106
rubber, Vulnerability Studies, 146
Russo-Japanese War of 1904–5, 56
Salter, Arthur, 185
sanctions. See economic sanctions
Savage, Carlton, 113, 191, 201
Sayre, Francis B., 91
Schacht, Hjalmar, 208
scrap metal: Japanese requirements and assets, 90; U.S. embargo on, 91–93; Vulnerability Studies, 125
securities. See bonds
sequestration of securities, 65, 67
Shanghai, Japanese efforts to acquire dollars through, 197–98
Shea, Francis M. (Frank), 110–11, 178, 192, 201–3
sheet mica, Vulnerability Studies, 132
shipping, Japanese, adequacy of, 165, 224. See also tankers
silk: acceptance financing system and, 70–71; financial freeze and, 193, 195–96; grades of, 25, 28; Japanese exports of, 18–21, 25, 29–30, 223; Japanese post-freeze barter proposals, 206–7, 209–11; U.S. market for, 22–30, 23, 27, 29, 48, 153; and U.S. textile industry, 21–22, 27–28, 30; Vulnerability Studies, 149–52; as strategic material, 151–52
Simon, John, 16
Sino-Japanese War of 1894–95, 56
Smoot-Hawley Tariff Act (1930), 32, 42–43, 45, 47, 57
Soviet Union, German invasion of, 171–73, 237
Special Fund for Foreign Exchange, 62, 103–4
Staley, Eugene, 114
Stark, Harold R., 119–20, 122, 189
State Department: Division of Controls, 109; and embargo of strategic materials, 86–87; and financial freeze, 68, 113–14, 178, 201–2, 204; monitoring of Japanese assets, 52–53, 54, 65, 67–68, 169; and petroleum export restrictions, 198–99; views on financial freeze, 174
steel: Japanese requirements and assets, 88–90, 93, 223; U.S. embargo on, 88, 91–93, 223; Vulnerability Studies, 123–25
sterling: British trade and, 49, 158, 185, 248; and currency controls, 31–32, 71–72, 101, 172, 208–9, 242; and financial freeze of Japan, 242; German trade and, 168, 171; and Japanese concentration account, 170; Japanese investment in, 57, 66–67, 71, 101; Japanese trade and, 18, 32, 72, 101, 172, 208–9, 242
Stettinius, Edward S., Jr., 85, 87, 92
stockings, women’s. See fashions
stockpiles, Japanese, 221–22. See also Vulnerability Studies, entries under petroleum, metals, other commodities
strategic materials, Japan’s lack of, 48; U.S. assessment of financial freeze impact, 221–26; U.S. efforts to procure, 84–85; U.S. embargo of, 84–97; Vulnerability Studies, 120–33
Strong, Benjamin, 51
styles. See fashions
Suzuki, Teiichi, 222–24
Tamagna, Frank M., 52, 100, 104
tankers, Japanese. See shipping; petroleum and petroleum products, Japanese tanker capacity
tankers, U.S. See petroleum and petroleum products: California supplies, Lend-Lease program and, U.S. East Coast, U.S tanker capacity
Tariff Act of 1930, 102
Tariff Commission: records of, xi–xii.
tariffs, U.S.: compound, 43–44; and Japanese manufacturing exports, 31–32, 34–35, 37, 38, 39, 40–47, 57; types of, 43
Taylor, W. H., 50
textile industry, Japanese: exports, 33–37, 48–49; war and, 36
textile industry, U.S.: protective tariffs for, 34–35; silk and, 21–22, 27–28, 30.
Togo, Shigenori, 238–39
Tokio Marine and Fire Insurance Co., 68, 169, 193
Towson, Norman E., 53–54
Toyoda, Teijiro, 238
trade, great Depression and, 31–32
trade, Japanese: balance of trade, 49, 56–58; economic impact of, 249–50; with Germany, 168, 172; impact of financial freeze on, 1–2, 178, 192–93, 196–98, 219, 222–35, 241–42; isolation of, 172; postfreeze barter proposals, 206–13, 238–40; as sources of dollars for Japan, 18, 31–32, 36, 149–50; Vulnerability Studies, 148–55, 222. See also Japanese exports to U.S.; silk; trade embargoes against Japan
trade, U.S., financial freeze and, 194–95
trade embargoes: history of, 3–4, 79; petroleum products, 166–67
trade embargoes against European Axis: Neutrality Act Amendment of 1936, 12–13; Neutrality Act of 1935, 13, 75–76, 79, 86; Neutrality Act of 1937, 76–77; Neutrality Act of 1939, 79–80
trade embargoes against Japan: aircraft, 77–78; aviation gasoline, 82–83, 88–89, 158–59, 166; bureaucracy, 86–87, 95–96; effectiveness of, 9, 83, 95–96; financial freeze and, 196, 206; machine tools, 94; metals, 80–82, 95, 196; proposals for, 73–74; steel, 88, 91–93; strategic commodities, 84–97
Trading with the Enemy Act (TWEA): authority to use, 171; history of, 4–8, 11, 103; provisions of, 7; use against Japanese, 15–16, 113. See also financial freeze
Treasury Department: census of foreign-owned assets, 172; and embargo of strategic materials, 86; financial freeze administration, 176–78, 200–202; financial freeze experience, 103, 193, 200; Japanese secret war chest and, 103–4; monitoring of Japanese assets, 50, 54, 58, 62–64, 66, 68, 72, 168, 197; records of, xi; seizure of Japanese assets, 179; staff of, 14–15; and Trading with the Enemy Act, 6–7, 15–16; views on financial freeze, 174; and world gold market, 55, 57–58, 60
Treaty of Commerce and Navigation, U.S. abrogation of, 78–79, 83
Treaty of Shimonoseki, 56
Tripartite Pact, 93, 173, 236–37
tungsten, Vulnerability Studies, 131
Turner, Richmond Kelley, 174
TWEA. See Trading with the Enemy Act
Utley, Jonathan, 203
U.S. exports to Japan, 29, 124–25. See also Vulnerability Studies, entries under names of commodities
Vance, H. S., 87
Vattel, Emeric de, 3–4
Vulnerability Studies: economic and domestic materials, 134–47; industry, 222; Japanese exports, 148–55; petroleum, 160–67; strategic materials, 120–33
Walker, Frank, 213
Wall Street: and foreign war loans, 12–13; and Japanese bonds, 10–11, 192–93;
response to financial freeze of Japan, 192–93
Wallace, Henry, 122, 205–7, 212
war chest, Japanese; See Japanese war chest
war crimes trials, xii, 242–43
war materials. See strategic materials
Welles, Sumner: and embargo of Japan, 160; and financial freeze, 105, 113, 169–70, 173–76, 195–96, 201, 214–15; and Japanese barter proposals, 208; and petroleum export restrictions, 189, 198
White, Harry Dexter: background, 14–15; and financial freeze, 110–11, 180, 202, 222–23; monitoring of Japanese assets, 50, 63, 66–67, 73, 103, 106–7, 159, 197, 221, 224
Wiley, Mr., 104–5
Williams, Francis S., 220–21, 223–24
Wilson, Woodrow, 5–7
women, employment in U.S., 23; and U.S. market for silk, 22–30. See also fashions
yen: and gold standard, 56–58, 71; inconvertibility of, 18–19, 31–32, 48, 71–72, 101, 172, 208–9, 242; value of, adjusted for inflation, xii–xiii
yen bloc: and acceptance financing, 69–70; economic and financial health, 49, 66, 68, 149, 224; isolation of, 2, 16, 18–19; war materials and natural resources, 33, 55, 125, 131, 133, 135, 142, 143, 144–45, 146, 147, 222, 223, 234. See also Vulnerability Studies
Yokohama Specie Bank (YSB): and acceptance financing, 69–71; devisen resources, 68–72; financial freeze and, 193–94; insolvency of, 214, 216–18; and secret war funds, 73–74, 98–102, 104, 106; structure of, 69; U.S. seizure of, 218; withdrawal of funds from U.S., 168–69, 178–80, 197
Yonai, Mitsumasa, 225
YSB. See Yokohama Specie Bank