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Early in the Meiji era (1868-1912), the Government and private
banks (called "national banks") started to issue
banknotes. However, when the Satsuma Rebellion broke out in
1877, large quantities of banknotes were issued to finance
the war, thereby causing inflation. The Bank of Japan was
established in 1882 in order to withdraw government-issued
banknotes from circulation and to become the sole issuer of
banknotes. This photo shows the building used at the time.
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