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Early in the Meiji period (1868-1912), the government and licensed private banks ("national banks") started to issue banknotes. However, when the Seinan Civil War broke out in 1877, a massive amount 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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